Why Did The KraneShares CSI China Internet ETF Rocket Nearly 40% Today?

KraneShares CSI China Internet ETF (ARCA:KWEB) traded significantly higher Wednesday alongside several Chinese stocks following Chinese state media reports indicating China’s financial stability and development committee urged market stability measures and mentioned cooperation with U.S. regulators.

According to Chinese state media, regulators from both countries are progressing toward a plan for U.S.-listed Chinese stocks. The reports suggest the Chinese government supports the listing of Chinese companies on foreign exchanges and that its crackdown on tech companies could come to an end sometime soon.

The China Internet ETF’s top holdings are Tencent Holdings Ltd (Pink: TCEHY), Alibaba Group Holding Ltd (NYSE: BABA) and JD.com Inc (NASDAQ: JD).

See Also: Kevin O’Leary Called The Bottom In Chinese Stocks: Now What?

KWEB 52-Week Range: $20.41 – $86.88

The ETF closed up 39.4% Thursday at $30.92.

Photo: SW1994 from Pixabay.

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