KE Holdings Inc BEKE shares are trading significantly higher Wednesday alongside several other Chinese stocks following a Chinese state media report indicating China's financial stability and development committee urged market stability measures and mentioned cooperation with U.S. regulators.
According to Chinese state media, regulators from both countries are progressing toward a plan for U.S.-listed Chinese stocks. The report suggests the Chinese government supports the listing of Chinese companies on foreign exchanges and that its crackdown on tech companies could come to an end sometime soon.
- Morgan Stanley upgraded KE Holdings from an Equal-Weight rating to an Overweight rating and lowered the price target from $23 to $16.
KE Holdings operates an integrated online and offline platform for housing transactions and services in China.
See Also: Why Alibaba, Nio And Other Chinese Stocks Are Surging
BEKE 52-Week Range: $7.31 - $72.48
The stock was up 62.8% at $14.76 at time of publication.
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