Why Alibaba, Pinduoduo, and TAL Education Group Soared Today
Shares of U.S.-listed Chinese stocks Alibaba Group Holding (NYSE: BABA), Pinduoduo (NASDAQ: PDD), and TAL Education Group (NYSE: TAL) were all rallying higher today, up 7.8%, 11.2%, and 15.5%, respectively, as of 11:37 a.m. ET.
All three of these stocks plunged on Monday, following the Communist Party's 20th National Congress held this past weekend. However, it appears bargain hunters are now stepping in to take advantage of Chinese stocks' highly discounted valuations.
Yesterday, China's central bank regulators met with the State Administration of Foreign Exchange, and released a statement saying they would coordinate to stabilize markets. That could be another reason for the rebound in Chinese stocks today.
Source Fool.com
