Alibaba Group Holding Ltd - ADR BABA and Pinduoduo Inc - ADR PDD shares are trading lower Monday morning. Shares of Chinese companies are trading lower amid a pullback after gaining last week following the easing of zero-Covid restrictions.
What's Going On In China?
China began relaxing some of its COVID-19 restrictions last Wednesday, following large protests late last month in response to the country's rigorous "zero-COVID" policy.
China's National Health Commission said it will discontinue the frequent required testing for the bulk of the population and would no longer require negative tests in most public places, according to the Wall Street Journal.
Additionally, in the case of a positive test the government won't lock down entire apartment buildings and those who have COVID-19 infections won't need to isolate in state quarantine facilities...Read More
According to data from Benzinga Pro:
- BABA is trading lower by 2.69% to $88.89
- PDD is lower by 2.60% to $87.38
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