Bioceres Crop Solutions Corp NASDAQ: BIOX) jumped 21.97%after announcing that the Chinese ministry of agriculture has communicated the decision to authorize the import and utilization of as soybean raw material produced through Bioceres’ novel drought tolerance tech, HB4. The company’s partner Beijing Da Bei Nong Science and Technology Group Co. Ltd confirmed the approval.
Argentina authorized HB4 Soy for cultivation and use in 2015 after Chinese import clearance had been required US has all certified HB4 Soy for unlimited growing and commercialization, accounting for nearly 85% of worldwide soybean trade.
Clearwater Paper Corporation (NYSE: CLW) gained 20.62% after the premier supplier of premium bleached paperboard and tissue products announced its Q1 2022 financial results. The company delivered robust performance because of ongoing strength in the paperboard business and enhancement in tissue. Higher price in both segments helps offset inflation. The company reported net sales of $488 million, which represented a growth of 15% compared to a year earlier. Net income was n$17 million or $0.97 per diluted share with an adjusted EBITDA of $59 million. The company reduced its net debt by $31 million during the quarter.
CEO Arsen Kitch stated that the company’s performance in the first quarter surpassed expectations because of string operational execution and enhanced pricing in both segments. The paperwork business continued to experience robust demand and prices, and the company managed to produce and distribute more than anticipated.
Pinduoduo (NYSE: PDD) jumped 13.54% with the e-commerce gaining after reports that the Chinese government is moving to bolster the economy that has slowed recently because of lockdowns seeking to curb the COVID-19 pandemic outbreaks. This is a much-required relief for shareholders considering the stock has been hemorrhaging since the beginning of the year.
As of Thursday, the stock had lost 80% of its value from its 2021 high following a rout of consumer tech stocks in China. Since 2020, Chinese regulatory authorities have consistently cracked down on e-commerce companies such as Alibaba, Tencent, and DiDi to rein on firms that authorities feel are running in a counter way to the nation’s interests. The policy statement on Friday implies that china is ramping down the regulatory actions, among other efforts to bolster its economy in the near term.
The message boosted several Chinese stocks, but the gains for Pinduoduo were more profound. Pinduoduo’s massive gain is exciting, and the surge in Chinese stocks could be the start of the anticipated pivot for most high-profile stocks.