The shares of Chinese listed companies in the U.S. rose Wednesday, as China signaled its support for stocks.

These regulators are from both countries progressing toward a cooperation plan on U.S.-listed Chinese stocksAccording to Chinese state media, it is. According to Chinese state media, the report mentioned a Wednesday meeting presided over by Vice Premier Liu He who is also head of China’s Finance Committee.

The Chinese government backs the overseas listing of technology companies and has stated its support for it, according to a state media report.

Alibaba surged 20%, JD.com climbed 24% and Pinduoduo rose more than 35% on Wednesday.

This move is made as American depositary receipts for Chinese companies are being reduced due to regulatory and delisting concerns. ADRs refer to shares in non-U.S. companies that are traded on U.S. stock exchanges.

Nasdaq’s Golden Dragon China index tracks U.S. stocks and is currently down 38.8% for 2022, and has fallen 69.2% over the last 12 months.

Last week the Securities and Exchange Commission named five U.S.-listed ADRs of Chinese companies that failed to comply with the Holding Foreign Companies Accountable Act.

If American regulators are unable to review audits of companies for at least three years, the SEC can delist or ban them from U.S. stock exchanges.

Chinese regulators were reformed last summer. stepped up their oversight on U.S.-listed Chinese stocks. Regulators asked Didi, a Chinese ride-hailing firm, to answer their questions. delist from the U.S.Several months later, the company went public.

— CNBC’s Evelyn ChengContributed to the report.