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Nio's, Alibaba's stocks get a boost from China's cyberspace regulator

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Nio's and Alibaba's stocks got a nice boost Friday, after the Cyberspace Administration of China proposed the easing of cross-border data-security controls.

Shares of Nio Inc. and Alibaba Group Holding Ltd, as well as the stocks of other China-based companies, got a nice boost Friday, after the Cyberspace Administration of China proposed the easing of cross-border data-security controls.

Among other China-based EV makers, shares of Li Auto Inc. LI, -1.23% leapt 2.6%, to bounce off a three-month low, and of Xpeng Inc. XPEV, +3.18% surged 4.5%. The stocks were getting a lift Friday after China’s cyberspace regulator proposed draft rules in which transfers of data, including those related to international trade, global manufacturing and marketing activities that don’t contain personal information, would no longer need a rigorous security review, as Dow Jones Newswires reported overnight.The iShares MSCI China ETF MCHI hiked up 1.7% ahead of Friday’s open, while futures ES00, +0.37% for the S&P 500 index SPX tacked on 0.4%.

 

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