Alibaba and Other Chinese Stocks Are Soaring as Tech Clampdown Eases

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Chinese shares are hovering this month with Hong Kong-listed shares in e-commerce large

Alibaba

up 31% amid indicators China’s regulatory crackdown is thawing and strict Covid-19 controls are being relaxed.

Good information from ride-hailing firm

DiDi Global

Monday lifted optimism as Hong Kong’s Hang Seng closed at a six-month excessive, up 0.037% to 21,746.42. DiDi mentioned it could resume new person registrations following a cybersecurity evaluate. Chinese regulators had accused DiDi of flouting data-security legal guidelines—final June it delisted from the New York Stock Exchange.

On Monday

Alibaba

Group (ticker: 9988.Hong.Kong) closed up 0.6% following a powerful run up to now this yr. Its U.S.-listed shares (BABA) didn’t transfer as a result of markets are shut for a public vacation. So far this month, video-game maker and social media firm

Tencent Holdings

(700.Hong.Kong) has risen 16.7%, gaming platform

Bilibili

(9626.Hong.Kong) was up 13.60%, and

JD.com

has elevated 10.72% (9618.Hong.Kong).

Investors are more and more optimistic {that a} Chinese clampdown on tech shares is easing, with lots of the points akin to market dominance and the sharing of knowledge being addressed. This comes on prime of additional excellent news as Chinese authorities have been issuing new tips enjoyable their zero-tolerance stance on Covid-19 following a wave of protests final yr.

Write to Rupert Steiner at [email protected]