Chinese ADRs surge after report of China authorities' plans to give access to audits

Dow Jones2022-04-01

MW Chinese ADRs surge after report of China authorities' plans to give access to audits

The U.S.-listed shares of China-based companies surged in premarket trading Friday, after Bloomberg reported that Chinese authorities are in the process of giving U.S. regulators full access to auditing reports. That would allow China-based companies to remain listed on U.S. exchanges, removing an overhang that has weighed on the American depositary receipts (ADRs) of China-based companies. The iShares MSCI China Pacer Swan SOS Fund of Funds ETF|ETF $(MCHI)$ jumped 4.0% ahead of the open, after having dropped 15.7% over the past three months through Thursday while the S&P 500 slipped 5.0%. Among the more active Chinese ADRs, shares of DiDi Group Holding Ltd. $(DIDI)$ shot up 17.6%, Alibaba Group Holding Ltd. $(09988)$ rallied 7.0%, iQIYI Inc. $(IQ)$ climbed 10.1%, NIO Inc. $(NIO)$ rose 5.9%, Pinduoduo Inc. $(PDD)$ hiked up 12.5% and Bilibili Inc. $(BILI)$ ran up 12.0%.

-Tomi Kilgore

$(END)$ Dow Jones Newswires

April 01, 2022 06:31 ET (10:31 GMT)

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Comments

  • SPOT_ON
    2022-04-05
    SPOT_ON
    Make.peace... win win
  • PearlynCSY
    2022-04-03
    PearlynCSY
    I'm long term positive on China equities especially after more than one year of correction especially the tech sector with many counters such as BAT falling by 50%. China has sent another signal of progress toward resolving an audit dispute that’s threatened the near 300 U.S.-listed Chinese companies with delisting. The China Securities Regulatory Commission said in a statement to CNBC Friday that it convened a meeting this week with some accounting firms and told them to consider preparing for joint inspections. Chinese and U.S. regulators’ consultations on audit supervision and cooperation are overall going well, the commission said.
  • Zhiwei996
    2022-04-02
    Zhiwei996
    Madness?????!!!!!8/&9,
  • following to
    2022-04-01
    following to
    Good news
  • sgsg
    2022-04-01
    sgsg
    Great!
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