Shares of Chinese property behemoth China Evergrande Group (OTC: EGRN.F) , as well as shares of the China Evergrande Group (OTC: EGRN.Y) American depositary receipts, exploded higher in Wednesday morning trading, rising 40.1% and 47.5% respectively, through 10:25 a.m. EDT, and pulling up the share prices of other Chinese stocks in their wake. For-profit Chinese education company Gaotu Techedu for example -- which has problems of its own -- jumped 12.4%.
That's a big turnaround from the 31% China Evergrande stock was down, from Friday's close, on Tuesday. And an even bigger turnaround from the near-90% loss China Evergrande investors have endured over the past 14 months as fears of bankruptcy loomed. But why did it happen?
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Why China Evergrande Group Stock Bounced 47% Today