The rally in names like Alibaba Group Holding Ltd. BABA, +5.26%, JD.com Inc. JD, +2.78% and Nio Inc. NIO, +2.21% comes after Hong Kong’s Hang Seng Index finished up 2.2% in Friday trading.
Alibaba shares were up 4.5% after Bloomberg News reported that the company’s Cainiao logistics unit could file paperwork for an initial public offering as early as next week. The company has reorganized in an attempt to unlock greater shareholder value and better facilitate spinoffs, and Alibaba already announced plans to spin off its cloud-computing business.Other Chinese internet names were rising as well, including JD.com, up 2.5%, Bilibili Inc. BILI, +6.26%, up 4.
Bloomberg News also reported that China was considering easing rules that limit foreign ownership of domestic companies that are also publicly traded. The possible rule change would be intended to help reignite the country’s stock market, the report said. China limits total foreign ownership of locally listed companies at 30%, and no single foreign shareholder can own more than 10%, Bloomberg noted.
American depositary receipts of Chinese electric-vehicle companies were also getting a boost Friday, with Nio’s up 1.7%, Li Auto Inc.’s LI, +4.17% up 4.2% and Xpeng Inc.’s XPEV, +3.93% up 4.5%.
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