Why Shares of JD.com, Alibaba, and Full Truck Alliance Are Rising Today
Shares of several Chinese stocks trading on U.S. exchanges rose today after the Chinese government further indicated it will support Chinese tech and growth stocks.
Shares of JD.com (NASDAQ: JD) traded close to 5% higher as of 10:45 a.m. ET today. Shares of Alibaba (NYSE: BABA) traded nearly 7% higher, and shares of Full Truck Alliance (NYSE: YMM) had risen more than 12%.
Many Chinese tech and growth stocks have struggled over the past year as the Chinese government has issued regulatory orders, imposed fines, and instituted other orders, largely due to data and privacy concerns, that have really hurt the sector. Chinese stocks have taken a beating. But after the resurgence of COVID-19 cases in the country earlier this year and lockdowns, which have really taken a bite out of the economy, the Chinese government has started to ease up in an effort to boost economic growth.
Source Fool.com
