Beaten-down shares of NetEase (NTES) are on the move. Over the last few days, the stock bounced from about $54 to $71.60, and could push higher. Helping was a Reuters report that said, “U.S. regulators gained ‘good access’ in their review of auditing work done on New York-listed Chinese firms during a seven-week inspection, four sources with knowledge of the matter said – a key step forward in resolving a long-standing bilateral dispute.”
The stock is also gaining on news of a face-to-face meeting between President Biden, and Chinese President Xi Jinping, which is fueling hopes for calm between the two countries. There are also signs China will cut back even more on its COVID travel restrictions.
After gaining about 10% yesterday, NTES is up another 4.2%, or $3 higher in pre-market.