Alibaba Stock Is Soaring: What's Going On?

Alibaba Stock Is Soaring: What's Going On?

Alibaba Group Holding Ltd BABA shares are trading higher Wednesday amid reopening hopes after Guangzhou relaxed COVID restrictions in some districts.

What Happened: China's manufacturing hub of Guangzhou has been facing prolonged COVID restrictions. Protestors spoke out against China's strict zero COVID policy following a deadly fire over the weekend.

City districts including Haizhu, Baiyun, Fanyu, Tianhe, Conghua, Huadu and Liwan are lifting temporary lockdowns, according to Reuters.

Conghua even went as far as to say it will allow schools to hold in-person classes again. The city also plans to reopen restaurants and other businesses. However, "high-risk" areas will remain under lockdowns.

Earlier this week, Beijing announced plans to ramp up vaccination efforts among the elderly and said it started to pare back COVID restrictions. Xinjiang officials also noted that they would lift lockdowns in designated areas as soon as possible.

Check This Out: Alibaba Climbs Higher Amid Hopes Of China COVID Policy Change: Could The Stock Break From This Pattern?

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

The stock was up 9.84% at $87.73 at time of publication, according to Benzinga Pro.

Photo: courtesy of Alibaba.

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