2023-05-04 12:29:43 ET
Chinese tech stocks put in a mostly upbeat performance Thursday as events involving Alibaba ( NYSE: BABA ) and PDD Holdings ( NASDAQ: PDD ) stood out in the sector.
Alibaba ( BABA ) shares edged up by 1.4% following reports that the Chinese e-commerce giant's international shopping business is mulling going public in the United States. No further details, such as the potential size of an IPO, were known. However, such a move wouldn't be surprising as Alibaba ( BABA ) said it March it is planning to split into six different business units , including areas such as cloud intelligence and digital business.
Meanwhile, PDD Holdings ( PDD ) shares rose 2% after the parent of Pinduoduo and U.S. shopping app Temu said it would re-locate its headquarters from China to Ireland. The move was seen as evidence that PDD ( PDD ) intends to significantly boost its international business.
Along with Alibaba ( BABA ) and PDD ( PDD ), other Chinese tech stocks on the rise included JD.com ( NASDAQ: JD ), up by more than 3%; Baidu ( BIDU ), which saw its shares climb almost 4%; Weibo ( NASDAQ: WB ), up by 1.2%, and NetEase ( NTES ), which rose nearly 2%.
The KraneShares CSI China Internet ETF ( KWEB ) climbed by 2% as trading progressed.
More China-related business news:
Tesla increases prices in US, China, Japan and Canada - report
Apple likely to post 'in-line' iPhone revenue, seeing uptick in China: Wedbush
China Manufacturing unexpectedly shrinks to 49.5 in April, missing expectations
For further details see:
Alibaba, PDD lead broad Chinese stock gains