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 locked out, and its citizens locked in, for more than 2 1/2 years.
See: China turns a corner on COVID as it lifts quarantines for foreigners
Among American-listed stocks of China businesses, Alibababa Group Holdings Ltd.
rose 3.5%, while Baidu Inc.
moved up by 2.9%.
rose by 3%, JD.com Inc.
rose 2.5% and NetEase Inc.
moved up by 1.8%.
Yum China Holdings Inc.
advanced by nearly 2%, while Trip.com Group
rose by 2.1% and KE Holdings Inc.
moved higher by 3.1%.
Shares of NIO Inc.
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.
shed 3% and XPeng Inc.
moved lower by nearly 4%.