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Shares of several Chinese companies are trading higher Tuesday amid hopes that protests in China could spark an easing of COVID restrictions.
Here’s a look at some of the names charging higher.
- Alibaba Group Holding Ltd BABA
- Li Auto Inc LI
- Tencent Music Entertainment Group TME
- GDS Holdings Ltd GDS
- Lufax Holding Ltd LU
- Zai Lab Ltd ZLAB
- KANZHUN Ltd BZ
- Futu Holdings Ltd FUTU
What’s Going On: China-based stocks suffered their worst day in more than a month on Monday after protesters in Shanghai and Beijing spoke out against China’s strict zero COVID policy following a deadly fire in Urumqi. Protests have spread across the nation in the wake of the fire as protestors claim it was caused by extreme lockdown measures that delayed rescue efforts.
Hopes of faster loosening of China’s COVID restrictions are on the rise after an official said Chinese authorities will continue to adjust policies to reduce the impacts of current restrictions, per Reuters.
A separate report indicates that Beijing has started to pare back COVID restrictions. A local official in the capital reportedly said restrictions imposed to identify those infected shouldn’t exceed 24 hours. Beijing also plans to ramp up vaccination efforts among the elderly. Xinjiang officials noted that they will lift lockdowns in designated areas as soon as possible.
Chinese stocks are also moving higher after e-commerce platform Pinduoduo Inc PDD turned in better-than-expected earnings results.
Related Link: Pinduoduo Shares Pop As Q3 Earnings Breezes Past Expectations
Photo: courtesy of Alibaba.
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Image and article originally from www.benzinga.com. Read the original article here.