Formerly Pinduoduo, PDD's stock surge fuels broad bounce in U.S.-listed shares of China-based companies

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

ADS of China-based companies enjoyed a broad rally Friday, fueled by a big rally in PDD's stock after quarterly results beat forecasts by wide margins.

The U.S.-listed shares of China-based companies enjoyed a broad rally Friday, fueled by a big rally in shares of PDD Holdings Inc. after the mobile marketplace company’s first-quarter results beat by wide margins.

The Invesco Golden Dragon China exchange-traded fund PGJ surged 2.9% in midday trading, with 48 of its 63 equity components gaining ground. The rally comes after the ETF , which tracks the American depositary shares of companies based in China, excluding Hong Kong, had closed Thursday at a six-month low.

Revenue grew 58.1% to RMB37.64 billion , to beat the FactSet consensus of RMB32.18 billion. Revenue from online marketing services increased 50% to RMB27.24 billion and transaction services revenue jumped 86% to RMB5.59 billion.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines