Why iQIYI, Lufax Holding And Weibo Stock Are Moving Higher Today?

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IQIYI Inc - ADR IQ, Lufax Holding Ltd - ADR LU and Weibo Corp WB are all trading higher Thursday afternoon. Shares of several Chinese stocks at large are trading higher as China eases some zero-Covid restrictions.

What's Going On In China?

China began relaxing some of its COVID-19 restrictions on Wednesday, following large protests late last month in response to the country's rigorous "zero-COVID" policy.

China's National Health Commission said it will discontinue the frequent required testing for the bulk of the population and would no longer require negative tests in most public places, according to the Wall Street Journal.

Additionally, in the case of a positive test the government won't lock down entire apartment buildings and those who have COVID-19 infections won't need to isolate in state quarantine facilities...Read More

According to data from Benzinga Pro:

  • IQ is trading higher by 13.72% to $3.60
  • LU is higher by 15.50% to $2.24
  • WB is higher by 14.15% to $17.67
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