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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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.