China signaled support for Chinese stocks on Wednesday, after days of worries about U.S. delisting risks had sent the stocks plunging in New York and Hong Kong.
rebounding from its lowest close in six years. Chinese tech giants Alibaba and Tencent soared more than 20%, while other major Chinese tech stocks jumped.
Worries about forced Chinese stock delistings from U.S. exchanges had added to investors' concerns about economic growth following a resurgence of Covid-19 and the Ukraine war. On Monday, JPMorgan China Internet analysts Alex Yao and a team said they considered the sector "uninvestable" for the next six to 12 months, and downgraded 28 of the stocks they cover.U.S.-listed securities for five Chinese companies are at risk of delisting.
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