PDD - Why Chinese Stocks Tencent PDD Holdings and JD.com Surged Today
2024-04-22 16:37:47 ET
Shares of Chinese stocks, including Tencent (OTC: TCEHY) , PDD Holdings (NASDAQ: PDD) , and JD.com (NASDAQ: JD) , rallied to start the week, up 5.4%, 9.5%, and 5.8%, respectively, as of 3:50 p.m. ET Monday.
The synchronous rise in Chinese stocks followed a favorable regulatory development for private Chinese companies and stocks. In addition, Tencent announced the early release of a hit mobile game receiving lots of buzz.
Over the weekend, the South China Morning Post reported that the China Securities Regulatory Commission would seek to facilitate more listings on the Hong Kong exchange, after China's new regulator introduced a series of reforms aiming at setting stricter requirements for listed firms on the Hong Kong Stock Exchange. The move was broadly seen as encouraging, as these measures are aimed at reattracting foreign capital to Hong Kong and China.
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Why Chinese Stocks Tencent, PDD Holdings, and JD.com Surged Today