Why XPeng Shares Are Rebounding Higher Monday

XPeng Inc - ADR XPEV shares are trading higher by 3.2% to $14.15 Monday afternoon, rebounding following recent marked weakness. Shares of the EV maker have slid 24% over the trailing month. XPeng shares are trading higher amid the company's founder increasing his ownership of the company's stock.

Shares of Chinese companies at large are also trading higher, strength may be due to hopes of China easing COVID-era restrictions for travelers in Macau.

What Happened?

Macau's chief executive Ho Iat Seng has said China would resume an e-visa scheme for mainland travelers and permit group tours, per Reuters. 

The report suggests that for the first time in nearly three years, mainland tour groups will resume in November in China's special administrative region. Currently, Chinese tourists to Macau are required to book a visa appointment...Read More

See Also: This Burrito Chain's 5-Year Return Beats Apple, Nvidia, Microsoft, Ford, Starbucks, Disney And Amazon

According to data from Benzinga Pro, XPeng has a 52-week high of $56.45 and a 52-week low of $12.86.