Why Alibaba Shares Are Surging Today

Alibaba Group Holding Ltd BABA shares are trading higher Friday after a Chinese state media report indicated the Chinese government may end its regulatory crackdown on big tech firms.

According to a South China Morning Post report, citing two sources briefed on the situation, the Chinese government is set to hold a symposium with the country's big tech companies. The scheduled meeting has increased optimism that restrictions on big tech firms could be eased and internet platforms could take on larger roles in China.

The symposium reportedly comes as the country looks to prop up its "ailing economy." The meeting is scheduled to take place following China's Labor Day holiday, which begins on May 1 and runs through the middle of the week. 

Two people reportedly told the South China Morning Post that the symposium will "assure business executives that regulators will no longer demand rectifications or impose surprise fines."

See Also: Morning Brief: Top Financial Stories Dominating on Friday, April 29

Alibaba operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer). 

BABA 52-Week Range: $73.28 - $239.22

According to data from Benzinga Pro, the stock was up 11.9% at $101.74 at press time.

Photo: courtesy of Alibaba.

Posted In: why it's movingNewsGlobalMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.