Why Shares of JD.com, Bilibili, and Tuya Stocks Popped Today
Investors in Chinese tech stocks were regaining some optimism this morning after the Chinese government proposed making changes to confidentiality rules that would allow companies based in China to more fully disclose their financial information. The move is aimed at reducing the potential for Chinese stocks to be delisted in the U.S. -- which is good news for investors.
JD.com (NASDAQ: JD) was up 8% on the news, Bilibili (NASDAQ: BILI) popped 17.6%, and Tuya Inc. (NYSE: TUYA) rose 12.4% as of 11:02 a.m. ET.
The U.S. Securities and Exchange Commission (SEC) said recently that nearly a dozen Chinese companies could potentially be delisted from U.S. stock exchanges for not adhering to audit requirements for publicly traded companies. While not all Chinese stocks were named for potential delisting, the threat has been enough to send Chinese stocks on a whirlwind ride lately.
Source Fool.com
