Shares of several Chinese stocks, including Alibaba Group Holding Ltd (NYSE:BABA), Nio Inc (NYSE:NIO) and Pinduoduo Inc (NASDAQ:PDD), are trading higher Friday morning following reports indicating Chinese authorities are preparing to give U.S. regulators full access to auditing reports of most of the companies listed on American exchanges.
According to a Bloomberg report, citing people familiar with the matter, Chinese regulators are in the process of putting a framework together that will allow a majority of Chinese companies to maintain their listings on U.S. exchanges. However, China is reportedly prepared to accept the delisting of some state-owned or private companies that hold government data or other sensitive information.
Alibaba operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer). Nio operates in China's premium electric vehicle market and Pinduoduo operates an agriculture technology platform in China.
See Also: 21 Stocks Moving in Friday's Pre-Market Session
BABA, NIO, PDD Price Action: At publication time, Alibaba was up 7.53% at $116.80, Nio was up 6.65% at $22.45 and Pinduoduo was up 11.5% at $44.72, according to data from Benzinga Pro.
Photo: courtesy of Alibaba.
