Alibaba Group Holding Ltd - ADR BABA shares were on the move Monday after co-founder Jack Ma relinquished control of Ant Group. Several Chinese names were also catching a boost after the country signaled an easing of travel restrictions.
Jim Cramer wasn't buying the bullishness. He suggested Chinese President Xi Jinping was more of a puppet master, pulling market strings to create a bull market illusion.
"I just can't stand the fact that it's a manufactured bull market," Cramer said Monday on CNBC's "Squawk On The Street."
What To Know: Cramer was steering clear of Chinese names amid Monday's market rally. He suggested Chinese stocks could be more manipulated than the cryptocurrency market, which had been crippled by collapses in recent months.
"They suck us in and then they take our heads off," Cramer said.
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He told CNBC that China viewed the market as a playground, while Americans were stuck dealing with real data related to inflation, the Federal Reserve and company earnings.
Ant Group was set to list publicly in 2020 before it received pushback from regulators, which sparked a crackdown on the entire tech industry. Chinese stocks rallied several times last year on hopes that the nation's regulatory crackdown was coming to a close.
"We always seem to fall for it. Look, they move the stock market up," Cramer said.
Price Actions: Alibaba shares were up 3.71% at $111.40 at time of publication, according to Benzinga Pro. IShares MSCI China ETF MCHI was up 0.64% at $52.60 at last check.
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Photo: Owen Byrne from Flickr.
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