BABA - Alibaba JD.com Bilibili rise as China approves second group of video games

Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and Bilibili (NASDAQ:BILI) shares jumped on Wednesday after China approved a second group of domestic licenses for video games, further signs that Beijing is working to support its tech sector. Gains were led by Bilibili (BILI), which rose more than 7% in premarket trading, while Alibaba (BABA) gained nearly 5% and JD.com (JD) tacked on 4%.  Other Chinese tech stocks also rose, including Pinduoduo (PDD), Baidu (BIDU), NetEase (NTES), Tencent (OTCPK:TCEHY) and Kingsoft Cloud (KC), which reported first-quarter results that topped expectations. According to the Tuesday report, neither NetEase (NTES) nor Tencent (OTCPK:TCEHY) had titles on the list of 60 games approved by China's National Press and Public Administration. In 2021, China put a halt on issuing new gaming licenses in an effort to put new time limits on how long minors spend playing games online. In recent weeks, China has worked to ease the regulatory pressures on its tech sector.

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Alibaba, JD.com, Bilibili rise as China approves second group of video games