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Alibaba, other China ADRs surge as Ant Group capital plan approval fuels hope for relaxing scrutiny

January 4, 2023
Source: cnbc.com cnbc.com
News Snapshot:
Alibaba has faced growth challenges amid regulatory tightening on China's domestic technology sector and a slowdown in the world's second-largest economy. But analysts think the e-commerce giant's growth could pick up through the rest of 2022. Chinese tech stocks that trade in the U.S. jumped Wednesday morning after Chinese officials approved an expanded capital plan from Ant Group. The American depository receipt shares of Alibaba jumped more than 6% in premarket trading following the news, as did shares of JD.com . Elsewhere, shares of Baidu and NetEase rose more than 5% each, while Trip.com popped 4.5%. The moves come as...
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