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Major Chinese stocks KWEB, BABA, JD climb

Yahoo Finance Live anchors discuss how Chinese stocks are moving.

Video Transcript

JULIE HYMAN: All right, there's something else that I've been watching this week and today that I want to mention. There's sort of related phenomenon that we're watching, and I don't know if we guys have this ticker. Did we get the Jianzhi Education Technology ticker?

We don't have that yet, but let's just talk about the Chinese stocks, then, for a moment because we have been seeing them rally. We have this agreement between the Securities and Exchange Commission and China regulators to finally get US officials access to auditing Chinese company financial statements, companies that are listing here in the US.

So we're seeing these stocks rally today. The KWEB is an ETF that tracks Chinese companies. If you look at them on the week, we have also seen increases for this-- these stocks, by the way. You can see the KWEB is up by 12% over the past five days. So that's happening. Then you've got, like, this continuing phenomenon of tiny Hong Kong IPOs surging. The latest one today is called Jianzhi Education Technology Group, $25 million IPO. And it's up 2,000%.

BRIAN SOZZI: Oh, my goodness.

BRAD SMITH: I bet their, what, Magic Empire was one of [INAUDIBLE].

JULIE HYMAN: Magic Empire, AMT Digital, right? We've had these, like, wacky--

BRIAN SOZZI: Well, clearly, they're going to change the world. That's why they're up so much. All of them, they're going to change the world.

JULIE HYMAN: That must be what it is. It's not the fact that they're being mentioned--

BRIAN SOZZI: [INAUDIBLE] joining the company.

JULIE HYMAN: It's not that they're being mentioned on Reddit boards or anything like that that's making them go up. Yeah, I mean, this is just, like, the new little mini meme something going on. So we'll leave you with that.

BRAD SMITH: The [INAUDIBLE] meme mania?

JULIE HYMAN: That's our little fun detail today as we look at the big fundamental questions surrounding inflation and interest rates coming out of Jackson--