Why Dada Nexus Limited Stock Was Going Up Today

Shares of new IPO Dada Nexus Limited (NASDAQ: DADA) were going up on Thursday, after a well-known player was revealed as a major shareholder. As of 11:45 a.m. EDT, the stock was only up 5%. But it had traded 14% higher earlier in the day.

By itself, perhaps the news wouldn't be enough to move the stock very much. But Chinese companies are under increased scrutiny these days. Gaining this shareholder may give investors confidence in Dada Nexus' business.

Image source: Getty Images.

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Source Fool.com