Some of the most popular Chinese stocks continue to rally on Wednesday as government officials announced steps that could lead to a lifting of pandemic-related restrictions that have not only stifled growth, but sparked widespread unrest in China.
With that as a backdrop, shares of e-commerce platform and search giant Baidu (NASDAQ: BIDU) soared as much as 9.4%, Alibaba Group (NYSE: BABA) climbed as much as 11.1%, and streaming video platform Bilibili (NASDAQ: BILI) surged as much as 15.2%. As of 11:32 a.m. ET, the trio were still trading higher, up 6.4%, 9.5%, and 8.6%, respectively.
While there was some company-specific news, it appears the broader economic and regulatory developments ultimately drove the stocks higher.
For further details see:
Why Alibaba, Baidu, and Other Chinese Stocks Rallied on Wednesday