What's Going On With Alibaba Stock?

Alibaba Group Holding Ltd BABA shares are trading higher Wednesday. The stock may be rebounding after facing selling pressure in recent sessions on lockdown concerns related to spikes in COVID-19 cases.

What Happened: COVID-19 cases have been rising in multiple districts throughout China. On Monday, Beijing officials urged residents of the Chaoyang district to stay at home, extending a request from the weekend. The Haizhu district in Guangzhou also extended its COVID-19 restrictions in some areas to Nov. 27, according to local reports.

Beijing reported more than 1,400 new COVID cases on Tuesday, marking a record for the city. Several reports indicate that Beijing will require individuals to show a negative PCR test within the last 48 hours to enter public venues like shops, hotels and government buildings.

The new restrictions come after Beijing reported three COVID-related deaths over the weekend, its first deaths reportedly caused by the virus since May.

Check This Out: Jim Cramer Says China's Vaccines 'Don't Work' But Xi Won't Admit It

What Else: Chinese authorities will reportedly impose a fine greater than $1 billion on Alibaba co-founder Jack Ma’s Ant Group, ending a regulatory battle that lasted more than two years.

Ant affiliate Alibaba was fined approximately $2.5 billion for antitrust violations last year.

BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $58.01.

The stock was up 2.44% at $77.84 at time of publication, according to Benzinga Pro.

Photo: courtesy of Alibaba.