Alibaba, Shares of Other Chinese Technology Firms Rise as Beijing Supports Market

Ali Baba (New York Stock Exchange:Baba)JD.com (NASDAQ:Dinar) Shares of other Chinese technology companies rose on Wednesday after state media reported that Chinese The government will stabilize its markets and support economic growth.

according to Xinhua News AgencyBeijing will take many market-friendly measures, including matters relating to monetary policy and overseas initial public offerings, in order to strengthen the country.

“In terms of the macroeconomic process, we should implement the decisions and arrangements of the CPC Central Committee, effectively revitalize the economy in the first quarter, proactively respond to monetary policy, and maintain moderate growth in new loans,” said a translated version of the Xinhua report. .

The report added that the Chinese government “continues to support various types of companies for overseas listing,” noting that it will work with US regulators, including the Securities and Exchange Commission, on the matter.

She also said regulators in the mainland and Hong Kong should “strengthen communication and cooperation” regarding the stability of Hong Kong’s financial market.

Laura Wang, an analyst at Morgan Stanley, said recent comments from the Chinese government are likely to boost investor confidence.

“We take these comments positively and note that the Hang Seng rose sharply above the bear case target of 19,500, with A-shares also gaining,” Wang wrote in an investor note. “The path to our base state, now clearer than before with the above developments, is likely to remain long.”

Chinese stocks rose in reaction to the report, with Alibaba (Baba) rise more than 26%, While JD.com (Dinar) jump 30%.

Ali Baba (Baba) and dinars (Dinar) She had a lot of companies, such as Pinduoduo (NASDAQ:PDD) jumped over 45%Baidu (NASDAQ:Baidu) increased by 26% and DiDi Global’s ride-sharing leader (New York Stock Exchange:Didi) by more than 46%.

Shares of other companies, such as Tencent (OTCPK: TCEHY)Kingsoft Cloud (NASDAQ:KC)hoya (New York Stock Exchange:air)DouYu (NASDAQ:And you, too)dada nexus (NASDAQ:dada)baozone (NASDAQ:BZUN)Bilibili (NASDAQ:Billy)KE Holdings (New York Stock Exchange:BEKE)joey (NASDAQ:YY)Netease (NASDAQ:NTES)chihu (New York Stock Exchange:ZH)Trip.com group (NASDAQ:TCOM)iQIYI (NASDAQ:I.Q)Hello group (NASDAQ:Momo)vape shop (New York Stock Exchange:VIP) and Dingdong (New York Stock Exchange:DDL) also exploded Early Wednesday.

Earlier this week, Alibaba (Baba), Baidu (Baidu) Other Chinese companies fell after analysts at JP Morgan lowered their ratings for several well-known companies in the country Technology leaders equivalent to selling.