The U.S.-listed shares of China-based companies were seeing big and broad gains in premarket trading Friday, after Reuters reported that China’s central bank accepted Ant Group’s application to set up a financial holding company. That fueled hopes that China’s regulatory crackdown was easing. The iShares China Large-Cap exchange-traded fund jumped 4.1%. Among the more-active China American depositary shares (ADS), shares of Alibaba Group Holding Ltd. shot up 9.3%, NIO Inc. ran up 5.1%, JD.com Inc. climbed 9.2%, Pinduoduo Inc. powered up 6.8% and XPeng Inc. hiked up 6.7%. The FXI ETF has gained 0.1% over the past three months through Thursday, while the S&P 500 has dropped 16.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
