Shares of several Chinese stocks, including Alibaba Group Holding Ltd - ADR (NYSE:BABA), are trading higher after the Chinese government vowed to focus on consumption recovery and reduce some income tax rates.
Shares of several Chinese stocks have otherwise been under pressure amid continued COVID-19 omicron variant concerns, which have prompted travel restrictions in some nations and added to lockdown fears. Omicron concerns have also caused uncertainty amid the holiday shopping season. Shares of Chinese companies have also been under pressure in 2021 amid further regulatory concerns in China.
See Also: Why Biogen Shares Are Falling Today
Alibaba is the world's largest online and mobile commerce company, measured by GMV. It operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
Alibaba has a 52-week high of $274.29 and a 52-week low of $108.70.
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