$BABA surges nearly 13%^: Why Alibaba, Baidu, JD.com And Pinduoduo Shares Rising Today?
Shares of several Chinese companies are trading higher Wednesday after Chinese regulators reportedly approved a capital raise for $Alibaba(BABA.US$ co-founder Jack Ma's Ant Group.
Some of the stocks making the biggest moves include $Baidu(BIDU.US$, $JD.com(JD.US$ and $PDD Holdings(PDD.US$.
What Happened: According to a Bloomberg report, the China Banking and Insurance Regulatory Commission division approved the Ant Group consumer unit's plans to raise 10.5 billion yuan ($1.53 billion), signaling progress is being made on China's tech overhaul.
Ant Group has aimed to come into compliance since regulators began cracking down on its business in 2020. The regulatory support for the planned capital raise is a potential sign that the government is easing its stance.
We view it as a signal on Ant's regulatory rectification wrap-up, Leon Qi, an analyst with Daiwa Capital Markets Hong Kong, reportedly said.
Baidu, JD.com and Pinduoduo all operate in China's internet sector.
BIDU, JD, PDD Price Action: Baidu was up 10.6%, JD was up 14.68% and Pinduoduo was up 7.73%, according to Benzinga Pro.
Source: Benzinga Real-time News, data as of 5 January. 2022.
^ Data is accurate as of 04/01/2023 from moomoo app, and is derived from past performances and should not be viewed as an indicator of future results.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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搞经济 抄底 加仓 : 80% products of Amazon from Alibaba $Alibaba(BABA.US)$ . if baba ^ Next^ will be $Amazon(AMZN.US)
Starchin : Finally
狼人虎 搞经济 抄底 加仓: Baba already felt before Amazon did. Priced in ady
WH the rooster : Long run great business
103879451 WH the rooster: Yes
Fundamentalist : Above 100 is the new norm
Money365D : I felt like crawling out from deep hole! It's Time to get out from the position before major crash. Lose little rather lose big