Nio, Alibaba, Bilibili among China stocks set for another rally as Covid controls ease

U.S.-listed shares of Chinese internet and electric-vehicle stocks are enjoying a sharp rally yet again in premarket trading Monday amid reports that officials in the country were easing pandemic restrictions.

China is easing some of the world’s most stringent anti-virus controls and authorities say new variants are weaker. On Monday, commuters in Beijing and at least 16 other cities were allowed to board buses and subways without a virus test in the previous 48 hours for the first time in months. Industrial centers including Guangzhou near Hong Kong have reopened markets and businesses and lifted most curbs on movement while keeping restrictions on neighborhoods with infections.

U.S.-listed shares of Chinese electric-vehicle companies joined in Monday’s sharp premarket rally, with Nio Inc. NIO up 8.0%, XPeng Inc. XPEV up 14.9%, and Li Auto Inc. LI up 5.6%.

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