DiDi Global Inc soars as China agrees to accommodate US Auditors
- NYSE:DIDI gained 12.80% during Friday’s trading session.
- The Chinese government agrees to work with US Auditors for ADRs.
- Chinese ADR stocks skyrocket to close the week.
NYSE:DIDI saw the tides turn on Friday as the beleaguered ride-hailing company saw its best performance in weeks. Shares of DIDI jumped by 12.80% and closed the trading week at $2.82. The stock was trading even higher out of the gate on Friday, but like the broader markets, shares pared their gains by the closing bell. All three major indices kicked off the second quarter of 2022 in the green, snapping the two-day losing streak for the US markets. The Dow Jones gained 139 basis points, the S&P 500 added 0.34%, and the NASDAQ inched higher by 0.29% during the session.
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Finally some good news for investors in Chinese ADR stocks. The Chinese government has agreed to provide US Regulators with full access to the financial records of the companies that trade on the US markets. The auditing system has been a source of tension between the two nations for years now, and after the SEC recently added a fresh group of ADRs to the potential delisting list, China has agreed to accommodate them. The threat of being delisted has plagued Chinese ADRs but this could release some of the downward pressure on the stocks.
DIDI stock price
As was expected, Chinese ADR stocks rebounded with a vengeance on Friday. Shares of AliBaba (NYSE:BABA), PinDuoDuo (NASDAQ:PDD), JD.Com (NASDAQ:JD), and Baidu (NASDAQ:BIDU), were all trading well higher during the session. Chinese EV maker Nio (NYSE:NIO) also soared as the company recorded a record number of deliveries in the first quarter of 2022.
