DIDI - Why did Alibaba shares rose almost 15% Wednesday? It's all in the games

June, 08 2022 04:47 PM DiDi Global Inc. American Depositary Shares (each four representing one Class A)

Alibaba (NYSE:BABA) shares climbed almost 15% Wednesday as the Chinese Internet giant benefitted from signs that the Beijing government is taking new steps to support its tech sector after a year of crackdowns and regulatory influence. Early Wednesday, Chinese authorities approved another license for domestic video games, which gave investors enthusiasm about the business prospects for many of China's leading tech companies. It was the second round of new licenses this week, and came after China put a halt on such licenses last year in and effort to curtail the amount of time minors in the country were spending online. With Wednesday's gains, Alibaba (BABA) shares ended the day at $119.62, their best close since February. Along with Alibaba (BABA) other Chinese stocks flexed their muscles, with JD.com (JD) rising almost 8%, PinDuoDuo (PDD) climbing nearly 10%, Baidu (BIDU) and ride-sharing leader DiDi Global (DIDI) rising more than 12% on

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Why did Alibaba shares rose almost 15% Wednesday? It's all in the games

Company Name:	DiDi Global Inc. American Depositary Shares (each four representing one Class A)
Stock Symbol:	DIDI
Market:	NYSE

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