Chinese Internet Stocks Rise on Hopes of Easing Regulation – U.S. News & World Report

(Reuters) – U.S.-listed shares of Chinese technology companies rose, driven by expectations of China easing its regulatory crackdown on the country’s internet companies, while falling COVID-19 cases raised hopes of a boost to economic activity.

Chinese Vice-Premier Liu He is scheduled to address tech executives at a meeting convened by the country’s top political consultative body on Tuesday to promote the development of its digital economy, according to sources.

Investors were on the lookout for remarks made by Liu and others on the extent to which Chinese authorities will ease a regulatory crackdown on the tech sector.

American despository receipts of companies such as search engine Baidu Inc, Pinduoduo Inc, Alibaba Group and ride-hailing firm Didi Global rose between 4% and 10% in trading before the bell.

The conversations between China’s ruling body and technology executives does seem to bring about expectations that the tech crackdown might be coming to an end, said Danni…

Read Full Story: https://www.usnews.com/news/technology/articles/2022-05-17/chinese-internet-stocks-rise-on-hopes-of-easing-regulation

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source: https://news.oneseocompany.com/2022/05/17/chinese-internet-stocks-rise-on-hopes-of-easing-regulation-us-news-world-report_2022051720010.html

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