Why Alibaba, PDD Holdings, and JD.com Were All Moving Higher Today
Chinese stocks were surging broadly today on signs that Beijing was taking steps to support the stock market following a brutal decline over the last three years.
This morning, reports that China's sovereign wealth fund would pump cash into the stock market had investors feeling suddenly bullish about Chinese stocks. China's own stock market indexes surged with the Shanghai Composite up 3.2%, and the tech-heavy Shenzhen Component Index rose 6.2%. The Hong Kong-based Hang Seng, meanwhile, rose 4%.
Naturally, U.S.-listed Chinese tech stocks were among the winners, including Alibaba Group (NYSE: BABA), PDD Holdings (NASDAQ: PDD), and JD.com (NASDAQ: JD). As of 11:37 a.m. ET, those stocks were up 4%, 4.3%, and 7%, respectively.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€69.20
-0.570%
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As a result the target price of 109 € shows a very positive potential of 57.51% compared to the current price of 69.2 € for Alibaba Group Holding Ltd ADR.
