Alibaba, XPeng and other popular U.S.-listed Chinese stocks were surging early Friday after Beijing proposed easing rules on cross-border data flows.
The Cyberspace Administration of China’s proposal would mean that data transfers relating to international trade, global manufacturing and marketing activities that don’t contain personal data no longer need to go through a security review. It’s seen as a move to boost business activity in the world’s second-largest economy, and is particularly good news for the country’s multinational companies.
U.S.traded Chinese technology stocks climbed ahead of the open, with Alibaba American depositary receipts up 2.2% and JD.com ADRs rising 3%. China’s electric-vehicle makers were also given a boost– Nio and XPeng both rose 3.5%, while Li Auto jumped 2.2%. “Over the past two years, the PIPL and the cross-border rules have posed tremendous challenges for businesses. These carve-outs will come as a huge relief to them,” Angela Zhang, a law professor at the University of Hong Kong, said in a post on X.
She added that the implications go beyond data transfers, and said the proposal “clearly aims to send a strong pro-growth signal to the market and inject more confidence in businesses.”Write to Callum Keown at [email protected]
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