Why Li Auto And XPeng (XPEV) Stock Are Trading Higher

Li Auto Inc LI and Xpeng Inc - ADR XPEV shares are trading higher by 7.44% to $18.70 and 20.53% to $8.48 going into the close of Friday's session. Shares of several Chinese stocks are trading higher on reports the country eased Covid measures.

What Happened?

China's new top leadership has reaffirmed the "dynamic-zero" COVID-19 policy on Thursday, with officials in Guangzhou urging residents to work from home, reported Reuters.

Additionally in macroeconomic news, New bank lending in China declined more than expected in October, with 615.2 billion yuan ($84.86 billion) of new yuan loans given in October, versus 2.47 trillion yuan in September, reported Reuters...Read More

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According to data from Benzinga Pro: 

• LI has a 52-week high of $41.49 and a 52-week low of $12.52
• XPEV has a 52-week high of $56.45 and a 52-week low of $6.18