NetEase Inc (NASDAQ:NTES) shares are trading higher by 3.8% to $102.40 during Wednesday’s session. Shares of Chinese stocks are trading higher after Premier Li Qiang met with the heads of multiple tech companies, which has raised hopes of an end of a crackdown on the sector. Additionally, China’s NDRC made positive comments on Alibaba Group and Tencent.
Additionally, China recently ended its regulatory overhaul on fintech affiliate Ant Group by imposing a penalty of 7.12 billion yuan ($984 million).
What Happened?
According to SCMP, the NDRC commended projects from ten prominent internet giants and established the initial scope of China’s “green-light projects.” These projects enable private internet giants to invest and receive government support, aiming to stimulate the real economy and foster significant economic growth.
The nationwide investigation addressed a range of challenges in China, including declining private confidence, obstacles to foreign direct investment, and social issues such as unemployment, an aging population, and healthcare services. Given their significance to China’s economy, these highlighted projects necessitate intensified endeavors for sustainable growth…Read More
According to data from Benzinga Pro, NTES has a 52-week high of $102.44 and a 52-week low of $53.09.
