JD and BABA boosted the Hang Seng today
Several China-based stocks are surging in the U.S. today, after news that China proposed revising confidentiality rules regarding off-shore listings -- a hurdle in the ongoing audit dispute. Plus, in a statement to CNBC, the China Securities Regulatory Commission said that overall cooperation between Chinese and U.S. regulators is going smoothly. This comes after several stocks faced renewed delisting fears for failing to adhere to the Holding Foreign Companies Accountable Act (HFCAA).
In response, e-commerce names JD.com Inc (NASDAQ:JD) and tech giant Alibaba Group Holding Ltd (NYSE:BABA) are up 4.7% and 3.6%, respectively, though both have pulled back slightly from their premarket gains.
On the charts, BABA is still contending with long-term pressure at the 100-day moving average. This trendline kept a lid on the shares' most recent attempt at a breakout, after bouncing off its March 15 five-year low of $73.28. Year-over-year, the stock is down 50.9% heading into today.
JD.com stock is also coming off a recent dip, hitting a nearly two-year low of $41.56 on March 14. Before today's bounce, JD was down 15.7% year-to-date. It's also worth noting that the stock has landed on the Short Sale Restricted (SSR) list.