XPeng Inc – ADR (NYSE:XPEV) shares are trading higher by 2.25% to $9.55 during Tuesday’s session. Shares of several Chinese stocks are seeing strength following a report that China is contemplating a 2 trillion yuan ($278 billion) stock market rescue package.
What Happened?
Chinese authorities are reportedly considering a substantial rescue package to stabilize the struggling stock market. Insiders reveal plans to establish a 2 trillion yuan ($278 billion) stabilization fund, primarily sourced from offshore accounts of Chinese state-owned enterprises.
The fund aims to purchase shares onshore through the Hong Kong exchange link. Foreign investors’ withdrawal from the Chinese equity market is evident in the more pronounced declines of Chinese stocks on Hong Kong’s Hang Seng Index compared to domestic shares…Read More
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According to data from Benzinga Pro, XPeng has a 52-week high of $23.62 and a 52-week low of $7.50.
