Why Li Auto Shares Popped This Week
The first full trading week of June was a good one for China-based technology stocks. Electric vehicle (EV) maker Li Auto (NASDAQ: LI) was no exception. Li shares have been on fire since the company reported its first-quarter earnings a month ago. Shares are up 60% since then. That move got another boost this week, with the stock up about 15%, according to data provided by S&P Global Market Intelligence.
Gains in the shares accelerated this week as Chinese regulators eased pressure on companies in the technology sector. Steps taken this week included the conclusion of a year-long probe into ridesharing company DiDi Global and the lifting of a ban on new users. Chinese technology stocks gained on that news, and Li stock joined in that momentum.
Source Fool.com
