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Newly public Chinese hotel operator Atour (NASDAQ:ATAT) saw its shares rally 18% in afternoon trading Wednesday amid news that the Chinese government was easing COVID-19 restrictions in major cities such as Shanghai and Zhengzhou.
Shares of Atour opened at $13.98, slipping to a low of $13.20 in early trading before climbing to a high of $15.80 in late morning. The stock recently changed hands at $15.08 at approximately 2:00 p.m. ET.
Earlier Wednesday, the Chinese government announced it was lifting pandemic-related lockdowns in cities such as Shanghai amid escalating domestic backlash to the measures. Restrictions are reportedly being eased in Guangzho and Chongqing as well.
Based in Shanghai, Atour operates 834 hotels in 151 cities across China.
Atour made its market debut on Nov. 11, raising $52M after pricing 4.75M American Depositary Shares at $11 per ADS. The stock ended its first session 17% higher at $12.88 after hitting an all-time high of $17.05. It reached an all-time low of $11.02 on Nov. 16.
For more on Atour, check out SA contributor Bamboo Works’ “Rebounding Atour Nears IPO Finish LIne with Slashed New York Offering.”
Image and article originally from seekingalpha.com. Read the original article here.