Why Trip.com, Vipshop Holdings, and RLX Technology Holdings Soared Today
U.S.-listed Chinese stocks Trip.com (NASDAQ: TCOM), Vipshop Holdings (NYSE: VIPS), and RLX Technology (NYSE: RLX) were rallying today, up 8.4%, 5.7%, and 11.3%, respectively, as of 11:20 a.m. EDT.
Chinese stocks were up broadly today, especially those related to Chinese consumer products and services. Given the across-the-board rallies, today's action likely had to do with rumors circulating on social media that China might relax the "zero-COVID" posture it has implemented since March.
Beginning in March, when the omicron variant began to find its way to China, the government stuck with the "zero-COVID" policy that had worked to keep Chinese COVID death rates much lower than those of other developed countries throughout the pandemic.
Source Fool.com
