The U.S.-listed shares of China-based companies surged in premarket trading Friday, after Bloomberg reported that Chinese authorities are in the process of giving U.S. regulators full access to auditing reports. That would allow China-based companies to remain listed on U.S. exchanges, removing an overhang that has weighed on the American depositary receipts (ADRs) of China-based companies. The iShares MSCI China ETF (MCHI) jumped 4.0% ahead of the open, after having dropped 15.7% over the past three months through Thursday while the S&P 500 slipped 5.0%. Among the more active Chinese ADRs, shares of DiDi Group Holding Ltd. (DIDI) shot up 17.6%, Alibaba Group Holding Ltd. (9988.HK) rallied 7.0%, iQIYI Inc. (IQ) climbed 10.1%, NIO Inc. (NIO) rose 5.9%, Pinduoduo Inc. (PDD) hiked up 12.5% and Bilibili Inc. (BILI) ran up 12.0%.
(END) Dow Jones Newswires
April 01, 2022 06:31 ET (10:31 GMT)
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