Why Pinduoduo, Bilibili, and Huya Rocketed Higher Today
Shares of Chinese internet stocks Pinduoduo (NASDAQ: PDD), Bilibili (NASDAQ: BILI), and Huya (NYSE: HUYA) were each surging today, up 12.3%, 12%, and 10.8%, as of 3:08 p.m. ET.
There wasn't much in the way of company specific news today, although reports this week highlighted a potential eye-opening move for Pindudoduo to bring its e-commerce platform into the U.S. Rather, the positive movement across all three stocks likely had to do with two positive developments -- one on the China economic front, and another on the country's relations with U.S. regulators.
Today, the China State Council announced stimulus measures aimed at boosting growth in China's flailing economy. The new stimulus will amount to about 300 billion renminbi ($44 billion) in credit support to state policy banks, and another RMB500 billion ($73 billion) to local governments to be spent toward infrastructure.
Source Fool.com
