Why Alibaba And Other Big Tech Stocks Are Shooting Up In Hong Kong Today
Shares of U.S.-listed Chinese tech companies — Alibaba Group Holdings Ltd. (NYSE: BABA), JD.Com Inc. (NYSE: JD), Tencent Holdings ADR (OTC: TCEHY) and Baidu Inc. (NYSE: BIDU) — traded significantly higher in Hong Kong on Monday (Hong Kong time).
The rally was spurred by investors cheering as Beijing eased an audit dispute that has threatened U.S.-listed Chinese companies with delisting.
| Stock | Movement (+/-) |
|---|---|
| Alibaba | 2.46% |
| Baidu | 6.8% |
| JD | 5.2% |
| Tencent | 2.06% |
The Macro Factors: The Hang Seng Index was up 1.15% to 22,283 at 10.51 a.m. local time. Meanwhile, the Tech Index jumped nearly 3%.
On Saturday, in the revised draft rules, the China Securities Regulatory Commission (CSRC) said that it withdrew a requirement that only Chinese regulators conduct on-site audit inspections of Chinese companies listed overseas.
It said the changes were made to “accommodate the new circumstances and developments concerning overseas securities listings and offerings.”
Over 200 companies from Mainland China are listed on the U.S. Stock Exchanges.
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