Chinese ADRs and ETFs rose in premarket trading. PDD Holdings soared over 7%; Baidu, iQiyi up over 4%; Alibaba, Trip.com up about 3%; JD.com up nearly 2%.
China’s tax authorities ordered PDD Holdings to rectify violations after the company failed to submit tax-related information as required. Although the company took corrective actions, it did not complete the rectification within the prescribed timeframe. As a result, regulators imposed a fine of RMB 100,000 in accordance with the law.
PDD Holdings jumped over 7% in premarket trading, as investors viewed the removal of regulatory uncertainty as a positive catalyst.
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