Why Chinese Stocks Ranging From JD.com to Baozun to XPeng Soared Today
In what can only be described as a sweeping and indiscriminate rebound, most U.S.-listed stocks of Chinese companies rallied significantly today, bouncing back from a losing streak that had carried many of them to new 52-week lows on Wednesday.
Brokerage company Futu Holdings (NASDAQ: FUTU) led the way on Thursday with a gain of 13%, closely followed by video gaming outfit Bilibili (NASDAQ: BILI) and Baozun (NASDAQ: BZUN). Pinduoduo (NASDAQ: PDD) and XPeng (NYSE: XPEV) saw their stocks jump 10%, while NetEase (NASDAQ: NTES) gained 9%. E-commerce outfit JD.com (NASDAQ: JD) ended the session up a more modest 7%, though its larger market cap meant more overall net gains for a greater number of investors.
The surge was sparked by a combination of bargain hunting and China's increasingly dovish regulatory stance on its economy.
Source Fool.com
