Shares of several Chinese companies are ripping higher Thursday. Some of the top movers include Alibaba Group Holding Ltd BABA, JD.com Inc JD and Pinduoduo Inc PDD.
The Chinese government announced a new stimulus package on Wednesday designed to help boost economic activity. According to several reports highlighting Chinese state broadcaster news, the package includes more than 300 billion yuan ($43.8 billion) in spending for various policy and financial tools. The country's stimulus efforts have lifted investor sentiment in Chinese names.
A separate Wall Street Journal report suggesting the U.S. and China are nearing a deal to allow audit inspection of New York-listed Chinese companies is also adding to the move in Alibaba, JD and Pinduoduo, among other Chinese stocks.
The agreement would reportedly allow for regulators from the U.S. Public Company Accounting Oversight Board to travel to Hong Kong and inspect audit records of Chinese companies listed on U.S. markets.
The report suggests that American accounting inspectors could arrive in Hong Kong as soon as next month.
See Also: Why Baidu Shares Are Rising
BABA, JD, PDD Price Action: At press time, Alibaba was up 7.91% at $99.84, JD.com was up 9.44% at $65.05 and Pinduoduo was up 12% at $59.58.
Photo: courtesy of Alibaba.
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