Alibaba Group (NYSE:BABA), Trip.com (NASDAQ:TCOM) and EV maker Xpeng Inc (NYSE:XPEV) were among Friday's notable early movers in New York after China’s cyberspace regulator proposed an easing on rules governing cross-border data flows.
It is predicted that this may allow data transfers used in manufacturing and marketing activities, excluding personal user data, to avoid mandatory security review.
Experts suggest this could unshackle Chinese e-commerce and Chinese EV firms from a challenging operating circumstance, and, as such is seen as a ‘pro-growth’ move from the Chinese authorities.
In New York, Alibaba was up 2.2% at $87.40 in premarket whilst PDD Holdings (Pinduoduo Inc (NASDAQ:PDD)) was up 2.25% at $97.75, meanwhile,
JD.com (JD.com Inc (NASDAQ:JD)) and ZTO Express (NASDAQ:ZTO) advanced 2.66% and 1.6% respectively, at $29.31 and $24.38.
Baidu Inc (Baidu.com (NASDAQ:BIDU)) climbed 2.46% up to $135.71.
Skyscanner owner Trip.com (NASDAQ:TCOM) rose 1.85% to $35.74.
Chinese EV firms XPeng added 4.65% to yesterday’s 3.2% gain, changing hands at $18.02 in premarket.
Li Auto Inc (NASDAQ:LI) was up 2.5% at $35.40 and NIO Inc (NYSE:NIO) (NASDAQ:NIO) gained 4.1% at $9.28.