U.S.-listed Chinese shares surge, set for best week ever
Reuters
Published Mar 18, 2022 01:39PM ET
(Reuters) - U.S-listed shares of major Chinese companies including Didi Global and Alibaba (NYSE:BABA) surged on Friday, set to wrap a week that was marked by China's top policymaker laying out plans to support the country's capital markets.
Shares of the Chinese companies jumped on Friday, with ride-hailing firm Didi Global leading the gains with a 54% surge. Bilibili (NASDAQ:BILI) was trading up 21%, JD (NASDAQ:JD).com up 9%, Alibaba gaining 10% and Baidu (NASDAQ:BIDU) up 6.3%.
The iShares MSCI China exchange-traded fund was up 5%.
On Wednesday, Chinese Vice Premier Liu He urged the roll-out of market-friendly policies to support the economy and caution in introducing measures that risked hurting markets.
He said talks between Chinese and U.S. regulators on Chinese companies listed in the United States have made positive progress and regulators are working on specific cooperation plans.
U.S. President Joe Biden and Chinese President Xi Jinping on Friday spoke on a two-hour video call about Russia's invasion of Ukraine and Chinese media said Xi underlined that such conflicts are in no-one's interests.
China's securities regulator said on Wednesday it would continue to communicate with U.S. regulators and strive to reach an agreement on China-U.S. audit supervision cooperation as soon as possible.
Didi, which debuted on the New York Stock Exchange in June 2021, has been the target of a probe by Chinese authorities who have asked it to take down its app from mobile app stores while its handling of customer data was under investigation.
Commenting on Didi's stock price surge on Friday, Michael Hewson, Chief Market Analyst at CMC Markets UK said, "This is a bit of a repricing of Didi because it really didn't move in the first couple of days of the rebound that we saw earlier this week."
S3 Partners analyst Ihor Dusaniwsky said Didi had reduced its short exposure over the last month, while its shares were shorted when its price weakened recently.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.