Ali Baba’s stock made rapid gains during the Wednesday and Thursday sessions after days of frenzied selling, closing with a 37% rise in the Wednesday session, which is its biggest gain. in a day since 2014, and continued to rise more above 12% during trading on Thursday. These earnings added more than $ 80 billion to the Chinese e-commerce giant’s market value on Wednesday and nearly $ 34 billion on Thursday.
The return came after Beijing’s commitments to maintain market stability, in he hinted at the end of stringent regulatory measures, which prompted the shares of 5 giant Chinese companies to add more than $ 200 billion to their market capital during Wednesday’s trading, according to data collected by Al Arabiya.net.
The list of the most profitable Chinese stocks in one session included Mituan, Alibaba, Tencent, Ping Insurance and CM Bank, with increases ranging from 10% to 41%.
This comes after Alibaba’s share hit a low in years at $ 73.28 this week. Despite all-time highs, Alibaba’s share is still in decline of 11.3% since the beginning of the year and lost half of its value in 2021.
Chinese regulatory risks, Beijing’s alliance with Russia, and US disclosure requirements that pose a threat to the delisting of Chinese companies have all contributed to the recent investor flight from Alibaba and its Chinese counterparts.
Earlier this week, JPMorgan downgraded Alibaba, JD, Bindudu and Baidu to “non-investment stocks”.
Chinese e-commerce and technology companies listed in the US have fallen sharply since last year, after Chinese regulators began cracking down on giants like Alibaba and JD.com.
Read More About: Business News