Shares of Alibaba Group and Baidu gain as China plans to end COVID-19 quarantines for foreigners as a way to stoke economic activity.
Shares of some U.S.-listed Chinese companies advanced on Tuesday on optimism that easing of the country’s COVID-19 travel restrictions on foreigners would deliver a business boost. China’s National Health Commission said as of Jan.
8, it will drop the COVID-19 quarantine requirement for passengers arriving from abroad. Chin has kept foreigners... 8, it will drop the COVID-19 quarantine requirement for passengers arriving from abroad.See: China turns a corner on COVID as it lifts quarantines for foreigners Among American-listed stocks of China businesses, Alibababa Group Holdings Ltd. BABA rose 3.5%, while Baidu Inc. BIDU moved up by 2.9%.Yum China Holdings Inc. YUMC advanced by nearly 2%, while Trip.com Group TCOM rose by 2.1% and KE Holdings Inc. BEKE moved higher by 3.1%. Shares of NIO Inc. NIO fell 8%, however, after the company warned of a cut in fourth-quarter deliveries due to COVID-related production challenges and continued supply chain constraints. Rivals Li Auto Inc. LI shed 3% and XPeng Inc. XPEV moved lower by nearly 4%.
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