BABA

Alibaba Group Holding Limited

118.73
USD
0.94%
118.73
USD
0.94%
73.28 229.64
52 weeks
52 weeks

Mkt Cap 322.73B

Shares Out 2.72B

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Alibaba, JD.com, Baidu jump as Chinese Vice Premier calms tech fears: report

Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and Baidu (NASDAQ:BIDU) jumped on Tuesday as Chinese Vice-Premier Liu He told executives at top tier tech firms the relationship between the government and the firms would be "properly managed," according to Reuters. The news outlet, citing comments made on Chinese state media company CCTV, added that Liu said China would continue to fight "the battle for key core technologies," another sign that China is easing regulatory pressures on its tech companies. The comments were made at the Chinese People's Political Consultative Conference meeting. Alibaba (BABA) shares rose more than 7% to $92.84 in premarket trading on Thursday, while JD.com (JD) and Baidu (BIDU) gained nearly 9% and 4%, respectively. Other Chinese tech stocks also jumped on back of the comments, including Tencent (OTCPK:TCEHY), Pinduoduo (PDD), NetEase (NTES), iQIYI (IQ), Dada Nexus (DADA) and Dingdong (DDL), which all saw gains of at least 5%. Separately on Tuesday, JD.com (JD) reported first-quarter results that were sharply better-than-expected, as the company said its active customer accounts increased 16.2% year-over-year to 580.5 million in the twelve months ended March 31, 2022. Investment firm J.P. Morgan upgraded Alibaba (BABA), JD.com (JD), Baidu (BIDU) and several other Chinese tech stocks yesterday, citing an abatement to the "significant uncertainties facing the sector."

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