Stocks of some of China's most popular companies were roaring higher on Friday on speculation that a long-running dispute with U.S. regulators could soon be nearing an end and that the country could soon lift pandemic-related restrictions that have stifled growth.
With that as a backdrop, shares of steaming video platform Bilibili (NASDAQ: BILI) soared as much as 17.5%, e-commerce platform Dada Nexus (NASDAQ: DADA) surged as much as 13.6%, search giant Baidu (NASDAQ: BIDU) jumped as much as 11.4%, and digital retailer Pinduoduo (NASDAQ: PDD) climbed as much as 9.5%. As of 10:59 a.m. ET, the four were still trading higher, up 14.9%, 13.2%, 8.7%, and 8.7%, respectively.
There wasn't any company-specific news driving the gains, but rather broader economic and regulatory developments that moved the stocks higher.
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Why Baidu, Bilibili, and Other Chinese Stocks Roared Higher This Morning