Phoenix New Media Jumps 24% To 6-month High
Chinese communication company, Phoenix New Media Limited (FENG), is trading 14% higher in the Tuesday market despite the company not posting any stock specific news to boost the stock.
The rise, is understood to be powered by the recent news of Central Bank of China granting the Ant Group permission to create a shell company. This has given the investors the confidence to believe that the government crackdown on the Chinese companies listed in the US has finally halted. The stock is currenlty at the peak of the previous 6-month period.
Currently, the stock is trading at $5.36, up $0.70 or 15.02% since its previous close at $4.66. The stock opened at $4.66 in the market and in the 52-week period, the stock has ranged between $2.10 and $10.08 per share.
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