Alibaba Group Holding Ltd. and Didi Global Inc. rallied for a second day, adding $80 billion in value to U.S. listed Chinese stocks as fears of potential delistings eased.
Alibaba rose as much as 5.2% and Didi climbed 8.5%, while JD.com Inc. advanced 7.2%. Pinduoduo Inc., Bilibili Inc. and iQiyi Inc. were among the top gainers, climbing at least 6.5% each. The advance in American depositary receipts tracked a 5.4% gain in Hong Kong’s Hang Seng Tech Index, the sharpest in two weeks. China was closed for a holiday.
Beijing’s move could potentially remove a key hurdle to U.S. regulators gaining full access to auditing reports for Chinese companies listed in New York, ending a long-running dispute over data sharing. Last week, Bloomberg News had reported that Beijing is drafting a framework that will allow a majority of Chinese firms to keep their listings.
While the latest statement appears to show Beijing is more constructive on this, some remain cautious until the final resolution comes through.