BABA - Why Alibaba JD.com and Pinduoduo Shares Surged Higher Today
Shares of Chinese e-commerce stocks rose sharply on Monday, with Alibaba Group Holding (NYSE: BABA) up 7%, JD.com (NASDAQ: JD) up 7.3%, and Pinduoduo (NASDAQ: PDD) up 7%, as of 1:40 ET.
These stocks rose not on any news about them specifically, but rather on news regarding other U.S.-listed Chinese stocks, as regulators in China indicated they would be concluding their regulatory crackdowns on other internet companies. That bodes well for these three, which are also large-cap Chinese internet companies that have been the targets of regulators, and which are listed in the U.S.
This morning, The Wall Street Journal reported that Chinese authorities informed Didi Global (NYSE: DIDI) they would be lifting the ban on new users and reinstating Didi's app on domestic app stores, after it had been removed nearly one year ago. Didi is expected to pay a large fine.
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Why Alibaba, JD.com, and Pinduoduo Shares Surged Higher Today