Why Shares of Nio, RLX Technology, and Lufax Rose Today
Shares of most Chinese stocks trading on U.S. exchanges moved higher Wednesday after a sharp sell-off Monday following the end of the Chinese Communist Party's (CCP) National Congress over the weekend.
Near the conclusion of that event, President Xi Jinping secured his third term as party leader, breaking with a longstanding tradition of Chinese leaders only serving two terms, and further consolidating his power and position as the head of the country for at least the next five years.
Shares of electric vehicle maker Nio (NYSE: NIO) rose about 2% Wednesday, while shares of vaping company RLX Technology (NYSE: RLX) rocketed more than 45% higher and shares of fintech Lufax (NYSE: LU) ripped more than 14% higher.
Source Fool.com
