Why Alibaba Shares Are Rising Today

Alibaba Group Holding Ltd - ADR BABA shares are trading higher by 5.74% to $111.23. Shares of Chinese companies are trading higher during Thursday’s session after Chinese President Xi Jinping said China would adopt measures to reach its economic targets despite the impacts of COVID-19 measures.

Xinhua reported that in a keynote speech to a virtual BRICS Business Forum on Wednesday, Xi said the country will "strengthen macro-policy adjustment and adopt more effective measures to strive to meet the social and economic development targets for 2022 and minimize the impacts of COVID-19."... Read More

Alibaba shares are also likely rising after Bloomberg reported Jack Ma’s Ant Group is readying to apply for a key financial license as soon as this month. The move likely signals Ant Group's desire to continue to appease China’s financial regulators.

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Alibaba is the world's largest online and mobile commerce company as measured by gross merchandise volume.

According to data from Benzinga Pro, Alibaba has a 52-week high of $230.89 and a 52-week low of $73.28.