Chinese internet companies such as Tencent Holdings ( OTCPK:TCEHY ) and Alibaba ( NYSE:BABA ) opened the week with modest gains on Monday as unrest and demonstrations against China’s “zero-Covid” campaign expanded around the nation. Alibaba stock was up on Monday.
Large demonstrations against China’s continued Covid tactics, which have included massive quarantines and sudden lockdowns across the nation, have been reported in cities including Beijing and Shanghai. Beijing has occasionally created “closed-looped” environments around some of the enormous, city-sized factories that produce many well-known consumer electronics products. These regulations have included keeping employees confined to the dorms provided by the firm and prohibiting entry and exit from the buildings.
After the U.S. Thanksgiving holiday weekend, when the stock markets in that country were closed on Thursday and only partially open on Friday, investors were welcomed with cautiously upbeat results from many of the top Chinese tech stocks.
Tencent ( OTCPK:TCEHY ) increased by 2.5%, while Alibaba (BABA) gained more than 2%. Shares of Baidu ( NASDAQ:BIDU ), Weibo ( NASDAQ:WB ), NetEase ( NASDAQ:NTES ), and JD.com ( NASDAQ:JD ) all increased by more than 3%. Nearly 5% was added to the KraneShares CSI China Internet ETF (KWEB).
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