Stocks of Chinese companies, including futu holdings ltd FUTU, are trading higher on Friday. It was earlier reported that China is aiming to acquire gold stakes in entities from Tencent and Alibaba. China’s recent reopening could also boost Chinese stocks.

What happened?

Our Benzinga team reported China may trade to take over ‘gold stocks’ in local entities Alibaba and Tencent Holdings as part of the government’s effort to play a bigger role in policing the country’s big tech companies.

While the government has shied away from heavy fines and sanctions to rein in the country’s biggest tech companies, it is increasingly snapping up small equity stakes in the local operations of big tech companies such as Tick ​​tock owner ByteDance, reported the Financial Times.

The holdings, typically a 1% stake in internet giants’ top companies, are akin to “golden stocks” in that they have privileged rights over certain business decisions, the report says….Continue reading

According to data from Gasoline ProFutu Holdings Ltd has a 52-week high of $72.20 and a 52-week low of $21.23.