BABA - Why Shares of Alibaba RLX Technology and LexinFintech Holdings Are Surging Today
Despite a down day for the broader market, several Chinese stocks ripped higher today after recent earnings results.
Shares of the large Chinese e-commerce company Alibaba (NYSE: BABA) traded more than 8% higher as of 12:37 p.m. ET today. Shares of the Chinese electronic vaping company RLX Technology (NYSE: RLX) surged more than 20%, and shares of LexinFintech Holdings (NASDAQ: LX) jumped more than 22%.
Momentum for Chinese stocks has been building recently after what has been a brutal year for the sector. Earlier this week, Beijing introduced a 16-point plan to aid the struggling real estate sector. China's president, Xi Jinping, also looks to be easing some of the government's restrictive COVID-19 policies, which have really cut into economic growth this year. He also seems to have had a productive meeting with President Joe Biden.
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Why Shares of Alibaba, RLX Technology, and LexinFintech Holdings Are Surging Today