BABA - Why Shares of Alibaba JD.com and Burning Rock Biotech Are Rising Today
Many Chinese stocks rose today on positive regulatory news, but also were affected as COVID-19 cases continued to spread in the country and by some geopolitical concerns between China and Taiwan.
Shares of the large e-commerce and tech company Alibaba (NYSE: BABA) traded as much as 5% higher today before giving up some of those gains and only trading about 2.2% higher as of 1 p.m. ET today. Shares of another e-commerce giant, JD.com (NASDAQ: JD) , traded roughly 3% higher, and shares of Burning Rock Biotech (NASDAQ: BNR) were up nearly 24%.
Recently, U.S. and Chinese financial regulators struck a preliminary agreement to allow regulators to audit the working financial statements of Chinese companies trading on U.S. exchanges, potentially ending a long-standing dispute on the matter.
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Why Shares of Alibaba, JD.com, and Burning Rock Biotech Are Rising Today