Chinese stocks listed on U.S. exchanges soared Wednesday, far outpacing the broader market, as investors latched onto a rare easing of business regulations from Beijing.
initial public offering was axed by Beijing in 2020 as authorities cracked down on China’s growing technology sector.owner of Ant Group which is by far the largest U.S.-listed Chinese firm, skyrocketed 13% in the U.S., adding $40 billion in market cap, while fellow e-commerce firms Pinduoduo and JD.com gained 8% and 15%.
Meanwhile, major U.S. stock indexes were flat, with the Dow Jones Industrial Average, S&P 500 and tech-heavy Nasdaq each adding less than 0.8%.The squashing of Ant Group’s $34.5 billion IPO in 2020 set forth an increasingly unfavorable environment for the private sector in China, with the strictest pandemic restrictions among any major economy, which have recently eased, also weighing on companies.
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