Shares of Chinese companies including Alibaba Group Holding Ltd (NYSE:BABA) and NIO Inc (NYSE:NIO), are trading higher Wednesday following a Chinese state media report indicating China's financial stability and development committee urged market stability measures and mentioned cooperation with U.S. regulators.
According to Chinese state media, regulators from both countries are progressing toward a plan for U.S.-listed Chinese stocks. The report suggests the Chinese government supports the listing of Chinese companies on foreign exchanges and that its crackdown on tech companies could come to an end sometime soon.
ADRs of Chinese companies have been slaughtered over the last year amid increasing regulatory scrutiny, which has led to delisting fears.
Bilibili Inc (NASDAQ:BILI) and Pinduoduo Inc (NASDAQ:PDD) jumped more than 30% Wednesday morning, while Baidu Inc (NASDAQ:BIDU) climbed about 15%.
Related Link: Why Alibaba, JD And Tesla Rivals Li Auto, Nio Are Rebounding Big-Time In Hong Kong Today
BABA, NIO Price Action: At publication time, Alibaba was up 20.4% at $92.43 and Nio was up 19.8% at $17.92.
Photo: courtesy of Alibaba.
