Why DiDi Global, Full Truck Alliance, and Kanzhun Skyrocketed This Week
Shares of DiDi Global (NYSE: DIDI), Full Truck Alliance (NYSE: YMM), and Kanzhun (NASDAQ: BZ) rocketed higher this week. Through the end of trading Thursday, DiDi was up 27.6%, Full Truck Alliance was up 17%, and Kanzhun was up 9%, although Kanzhun had been up 23.9% at its highs.
One can chalk up this week's gains to a Wall Street Journal report saying that China would be winding down its investigation into each company, and allow each of their apps back in the country's app stores to resume adding new users (according to unnamed sources familiar with the matter). Given that each stock had sold off so much over the past year after their initial bans, it's no wonder shares surged higher on the news.
Full Truck also reported its first-quarter earnings, which gave the stock an extra boost in the middle of the week.
Source Fool.com
