Chinese tech stocks are surging (BABA, NIO, JD, IQ, BILI, HUYA, PDD, BIDU)

china stock market brokerage

Global markets are in rally mode after two days of aggressive selling.
President Donald Trump and Chinese President Xi Jinping could meet in November at a multinational summit to discuss trade issues, The Wall Street Journal reported.
As a result, Chinese tech stocks are climbing across the board.
Watch Alibaba Nio iQiyi Bilibili Huya Pinduoduo trade in real time here.

Chinese tech stocks traded in the US are gaining Friday after an overnight global markets rally and on signals that President Donald Trump and Chinese leader Xi Jinping could meet in November to discuss trade issues.

Overnight, Hong Kong’s Hang Seng (+2.12%) paced the advance in Asia and Britain’s FTSE (+0.69%) was out front in Europe, paving the way for a strong start to the US session.

According to The Wall Street Journal, the White House recently informed Beijing that it has decided to move ahead with plans for the two leaders to meet at the Group of 20 leaders’ summit in Buenos Aires at the end of November. China has been hoping the encounter could provide an opportunity for both sides to ease the escalating trade tensions, the WSJ said citing officials from both nations.

Those developments have been a tailwind on Friday for Chinese tech names traded in the US. Here’s the scoreboard:

Bilibili (BILI): +7.4%
Pinduoduo (PDD): +6.5%
Huya (HUYA): +6.2%
Nio (NIO): +5.3% (JD): +3.4% (JD): +4% (BIDU): +3.7%
Alibaba (BABA): +3.2%
iQiyi (IQ): +3%

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Source:: Businessinsider – Tech


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