Nio Inc - ADR (NYSE: NIO) and XPeng Inc - ADR (NYSE: XPEV) shares are trading higher during Wednesday's session. 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, Nio is higher by 3.77% to $11.00; XPeng is higher by 4.35% to $8.28.
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