Alibaba, Baidu surge amid broad Chinese tech gains
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Chinese tech leaders such as Alibaba (NYSE:BABA) and JD.com (NASDAQ:JD) headed north and were set to close the week with strong gains as U.S. auditors completed their first round of inspections of Chinese companies earlier than had been expected.
The inspections were part of new U.S. regulations that require certain foreign companies that have their shares listed in the United States to open their books to American auditors or risk being de-listed from U.S. stock markets. The auditors, who are with the U.S. Public Company Accounting Oversight Board [PCAOB], were said to have completed their inspections early, and would be leaving Hong Kong possibly by the end of the weekend.
Several Chinese companies, including Alibaba (BABA) and Baidu (NASDAQ:BIDU) had been placed on a list for possible de-listing under terms of the Holding Foreign Companies Accountable Act, or HFCAA.
As trading progressed, Alibaba (BABA) shares were up by more than 5%, Baidu (BIDU) climbed by almost 8%, JD.com (JD) was up by nearly 9%, Tencent Holdings (OTCPK:TCEHY) rose more than 6% and NetEase (NTES) rose more than 5%.
The KraneShares CSI China Internet ETF (KWEB) also advanced, and was up by almost 7%.
Adding to the enthusiasm was growing sentiment from earlier reports that Chinese officials could be close to easing up on some of the country's Covid-related restrictions.