Why Tencent Holdings, Sea Limited, and Baidu Stock Soared Today
Shares of Tencent Holdings (OTC: TCEHY), Sea Limited (NYSE: SE), and Baidu (NASDAQ: BIDU) were soaring today, with each stock up either in the high single digits or double digits at their highs, before settling into a 9.1%, 1%, and 5.3% gains, respectively, as of 1:57 p.m. ET on Friday.
These and other Chinese tech names were trading higher today even as U.S. tech stocks sold off. The moves were entirely due to reports that China's regulatory authorities will meet with top tech executives next week amid a weak economy, signaling a potential relaxing of their regulatory assault.
Of note, Sea Limited is not actually a Chinese stock, as it's based in Singapore. However, Tencent has a large minority stake in the company, even after share sales earlier this year, and for some reason, Sea tends to trade in spirit with Chinese stocks. That may or may not be fair, but it's likely why it's higher today, too, albeit less so than its Chinese counterparts.
Source Fool.com
