TUYA - Why Chinese Stocks Tuya EHang and Lufax Were Climbing Again
Shares of small- and mid-cap Chinese stocks including Tuya (NYSE: TUYA) , EHang (NASDAQ: EH) , and Lufax (NYSE: LU) were moving higher today after China again took another step away from its zero-COVID policy, boosting investor confidence that the economy would fully reopen in the coming months.
Over the weekend, Beijing and Shenzhen announced that they would lift requirements that commuters show negative COVID tests before travel. That news comes even as COVID cases are rising in China, a sign authorities are moving away from the zero-COVID policy, which aimed to eliminate all COVID-19 cases in China.
The news seemed to give a boost to smaller Chinese stocks especially, which have been hit hard by COVID restrictions that have significantly impacted the Chinese economy. Chinese stocks soared through November on signs of reopening and look poised to continue to rally, though gains in large-cap Chinese stocks faded today.
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Why Chinese Stocks Tuya, EHang, and Lufax Were Climbing Again