Shares of Nio Inc. and Alibaba Group Holding Ltd, as well as the stocks of other China-based companies, got a nice boost Friday, after the Cyberspace Administration of China proposed the easing of cross-border data-security controls.
jumped 3.7% in premarket trading, putting it on track to extend its winning streak to four sessions. The streak started after the stock closed at a 3 1/2-month low on March 25, even after the electric-vehicle maker denied a Bloomberg report that it was mulling a $3 billion capital raise.
Among other China-based EV makers, shares of Li Auto Inc.
leapt 2.6%, to bounce off a three-month low, and of Xpeng Inc.
Shares of e-commerce giant Alibaba
climbed 2% ahead of the open. Earlier this week, Alibaba’s logistics unit, Cainiao Smart Logistics Network, filed for an initial public offering in Hong Kong.
The stocks were getting a lift Friday after China’s cyberspace regulator proposed draft rules in which transfers of data, including those related to international trade, global manufacturing and marketing activities that don’t contain personal information, would no longer need a rigorous security review, as Dow Jones Newswires reported overnight.
The regulator is seeking public comment on the proposed easing of regulations.
The iShares MSCI China ETF
hiked up 1.7% ahead of Friday’s open, while futures
for the S&P 500 index
tacked on 0.4%.
Elsewhere, shares of online-entertainment content provider Bilibili Inc.
rose 2.5%, of e-commerce company JD.com Inc.
gained 2.6%, of mobile-marketplace company PDD Holdings Inc.
advanced 1.9% and real estate services platform KE Holdings Inc.
was up 2.4%.
Meanwhile, Nio’s stock has lost 8.6% year to date through Thursday and Alibaba shares have slipped 2.9%, while the MSCI China ETF has dropped 9.6% and the S&P 500 has gained 12%.