Baba Stock: Alibaba Jumps As Restrictions Ease | Investor’s … – Investor’s Business Daily
China-based firms such as Alibaba (BABA) got a lift Wednesday after government officials signaled a softening of regulations for financial technology companies as Covid containment policies ease. BABA stock benefited in particular as the company’s fintech unit Ant Group won the OK from regulators to raise funds.
BABA stock jumped 8.2% to 99.62, during morning trading on the stock market today. But the ripple effect helped JD.com (JD) leap 11.3% to 64.15. And Pinduoduo (PDD) climbed 8% to 91.35.
Other China stocks climbing included Baidu (BIDU), up 7.3% to 127.85. Also, the KraneShares (KWEB) CSI China Internet ETF jumped 6.7% to 33.95%. Electric-vehicle maker Nio (NIO) moved up 6.6% to 10.30.
Chinese regulators approved a plan that allows billionaire Jack Ma’s Ant Group to raise $1.5 billion for the financial technology company’s consumer finance unit. Ant is an affiliate of e-commerce giant Alibaba, which owns 33% of the company. Ant operates one of China’s two dominant mobile pay…
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source: https://news.oneseocompany.com/2023/01/04/baba-stock-alibaba-jumps-as-restrictions-ease-investors-investors-business-daily_2023010438773.html
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