Why Alibaba And Other Chinese Stocks Are Trading Higher Today?

  • A collective outcry from people across China against its Covid controls led to partial redemption from China’s government and its leader, Xi Jinping.
  • Nationwide protests translated into gradual ease in restrictions signaling toward possible economic reopening as it treaded into the fourth year of the pandemic, CNN reports.
  • Since last week, more than 20 cities, including the major metropolises of Beijing, Shanghai, Shenzhen, Wuhan, and Chengdu, scrapped the requirements for negative Covid tests on public transport. 
  • And some residential compounds now allow infected residents with special needs to quarantine at home, a significant relief from centralized quarantines.
  • China’s top health official signaled a change in strategy on Wednesday.
  • An EU official said the Chinese leader had acknowledged people were frustrated and suggested China was open to relaxing its Covid rules after Xi shared his thoughts on the issue with the visiting European Council President.
  • Price Actions: E-commerce giant and barometer of the Chinese tech industry Alibaba Group Holding Limited BABA shares traded higher by 4.44% at $94.06 in the premarket on the last check Monday.
  • Baidu, Inc BIDU shares traded higher by 5.15% at $119.66, Bilibili Inc BILI shares traded higher by 16.7% at $23.12, GDS Holdings Limited GDS shares traded higher by 10.6% at $19.05, IQIYI, Inc IQ shares traded higher by 7.53% at $3.59
  • Photo by Kurious from Pixabay
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