Why JD.com Stock Surged on Thursday
Shares of JD.com (NASDAQ: JD) were up 5.5% as of 10:12 a.m. EDT on Thursday as investors expressed optimism about the possibility of tensions easing between the U.S. and China. On Wednesday, President Joe Biden and President Xi Jinping agreed to meet before the end of the year.
Chinese tech stocks have badly underperformed the broader market this year. On one side, there has been the push in the U.S. to delist Chinese companies that don't comply with auditing procedures. On the other side, top social media and internet giants in China have been under regulatory scrutiny.
It's worth noting that JD.com has managed to outperform other top Chinese tech stocks lately, including Alibaba (NYSE: BABA), Tencent (OTC: TCEHY), and Baidu (NASDAQ: BIDU). Year to date, JD's stock price is down 18.2% at the time of writing, much better than the 30.9% loss for Baidu and 38% loss for e-commerce giant Alibaba.
Source Fool.com
