Why Bilibili Shares Are Up 10%

Bilibili Inc - ADR BILI shares are trading higher by 10% to $16.26 Tuesday morning. Shares of Chinese stocks are trading higher following strong earnings from PDD Holdings.

Chinese authorities also recently took measures to boost investor confidence including a cut to taxes on stock trading, which has lifted Chinese stocks.

What Happened?

PDD Holdings reported second-quarter FY23 revenue growth of 66% year-on-year to $7.21 billion, beating the consensus of $6.07 billion.

Non-GAAP earnings per ADS of $1.44 beat the consensus of $1.01. Revenues from online marketing services and others rose 50% Y/Y to $5.23 billion. Revenues from transaction services jumped 131% Y/Y to $1.98 billion...Read More

See Also: China Takes Drastic Measures To Shield Economy From Real Estate Storm

According to data from Benzinga Pro, Bilibili has a 52-week high of $29.46 and a 52-week low of $8.23.