BZ - Why Shares of KE Holdings Kanzhun Limited and New Oriental Education Are Rising Today
Shares of several Chinese stocks listed on U.S. exchanges rose today as parts of China, including Beijing and Shanghai, reopened after months of COVID-19-induced lockdowns that have hampered economic activity.
Shares of real estate company KE Holdings (NYSE: BEKE) traded nearly 12% higher as of 10:35 a.m. ET today. Shares of online recruitment platform Kanzhun Limited (NASDAQ: BZ) traded close to 10% higher, and shares of education company New Oriental Education & Technology Group (NYSE: EDU) traded more than 11% higher.
Over the weekend, the Chinese government began to ease COVID-19 restrictions and lockdowns that have dogged the economy and frustrated residents for months now. For roughly two months, Shanghai's residents have been dealing with restrictions that ordered them to stay in their homes. Beijing only had to lock down some neighborhoods, but has been dealing with various COVID restrictions over the past month. On Sunday, China only reported 54 COVID cases in the entire country, including eight in Beijing and six in Shanghai.
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Why Shares of KE Holdings, Kanzhun Limited, and New Oriental Education Are Rising Today