Chinese stocks in US soar after Beijing's support

Wednesday, 16. March 2022 15:00

Shares of Chinese companies listed in the United States surged at the open on Wednesday after Chinese authorities said they "continue to support various types of companies to list overseas."

Chinese and American regulatory agencies "have maintained good communication and have made positive progress, and are working on forming a specific cooperation plan" on the topic of US-listed Chinese stocks, the Chinese media cited a government statement released on Wednesday. In addition, the authorities stated that strengthening "communication and cooperation" is needed for Hong Kong's financial market. "Regarding real estate enterprises, it is necessary to timely study and propose effective and effective response plans to prevent and defuse risks, and propose supporting measures for the transition to a new development model," it was said in the document.

Pinduoduo Inc. soared almost 40%, Inc. grew over 25%, while Baidu Inc. and NetEase Inc. advanced over 15% shortly after the New York stock markets opened.

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Baha Breaking News (BBN) / MS