H World Group Ltd HTHT, Lufax Holding Ltd – ADR LU and Zai Lab Ltd – ADR ZLAB shares are trading sharply higher Wednesday afternoon. Shares of Chinese companies at large are trading higher following Tuesday news indicating China’s cabinet issued rules on to promote private businesses, including incentives for financial institutions to lend to them.
Per Reuters, the rules aim to safeguard the legitimate rights and interests of private businesses and expand employment, China’s cabinet said in a notice published on its website.
Chinese stocks have been extremely volatile this week, including marked declines during Monday’s session, as some investors are concerned about increasing private sector and tech company regulation.
So What’s Happening In China?
Xi Jinping secured his third term in power on Sunday by winning re-election as general secretary of the Chinese Communist Party.
The Central Committee of the Chinese Communist Party (CCP) elected Xi as its general secretary for a precedent-breaking five-year term, according to a Reuters report. Jinping was first elected in 2012 and will complete his 10-year tenure this year.
The CCP also named a seven-member Politburo Standing Committee (PSC) led by Jinping, its inner circle of power dominated by the party leader’s allies…Read More
According to data from Benzinga Pro:
- HTHT is trading higher by 12.8% to $30.28
- LU is trading higher by 16.3% to $1.75
- ZLAB is trading higher by 14.6% to $27.37
Image and article originally from www.benzinga.com. Read the original article here.