Alibaba, DIDI, other Chinese ADRs soar on report China will allow audit access
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 of China-based companies. The iShares MSCI China ETF MCHI, -3.56% jumped 4.0% ahead of the open, after having dropped 15.
shot up 17.6%, Alibaba Group Holding Ltd. rallied 7.0%, iQIYI Inc. IQ, -9.92% climbed 10.1%, NIO Inc. NIO, -5.05% rose 5.9%, Pinduoduo Inc. PDD, -8.34% hiked up 12.5% and Bilibili Inc. ran up 12.0%.
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