Why Alibaba Stock Is Diving

Alibaba Group Holding Ltd - ADR BABA shares are trading lower by 3.51% to $86.73 during Wednesday's session. Shares of several Chinese companies are trading lower amid concerns over increased COVID infections following the loosening of some restrictions.

What's Happening In China?

Our Benzinga team reported China will reopen borders and abandon quarantine after it downgrades its treatment of COVID on January 8.

The decision is the mainland’s last step in shedding three years of zero-COVID and pivoting to living with the virus.

The relaxation of limitations has led to an increase in uncontrollable COVID cases in China, which has resulted in a lack of both staff across industries and medications...Read More

According to data from Benzinga Pro, Alibaba has a 52-week high of $138.70 and a 52-week low of $58.01.