TCEHY - Why Alibaba Rose 17% This Week
Shares of Alibaba (NYSE: BABA) soared 17.3% this week compared to where they closed out last Friday, according to data from S&P Global Market Intelligence , as Chinese-listed stocks rose on hopes the regulatory crackdown Beijing has been waging was coming to an end.
Although there has been speculation for weeks that it would be easing, The Wall Street Journal reported that regulators are reportedly finishing their investigation into Didi Global (NYSE: DIDI) and will restore its apps to app stores soon.
China began a crackdown on the tech sector two years ago after livestream gaming companies Huya (NYSE: HUYA) and DouYu (NASDAQ: DOYU) sought to merge, a deal that would give Tencent (OTC: TCEHY) an 80% share of the market as it owned stakes in both companies.
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Why Alibaba Rose 17% This Week