Alibaba, PDD lead broad Chinese stock gains
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Chinese tech stocks put in a mostly upbeat performance Thursday as events involving Alibaba (NYSE:BABA) and PDD Holdings (NASDAQ:PDD) stood out in the sector.
Alibaba (BABA) shares edged up by 1.4% following reports that the Chinese e-commerce giant's international shopping business is mulling going public in the United States. No further details, such as the potential size of an IPO, were known. However, such a move wouldn't be surprising as Alibaba (BABA) said in March it is planning to split into six different business units, including areas such as cloud intelligence and digital business.
Meanwhile, PDD Holdings (PDD) shares rose 2% after the parent of Pinduoduo and U.S. shopping app Temu said it would re-locate its headquarters from China to Ireland. The move was seen as evidence that PDD (PDD) intends to significantly boost its international business.
Along with Alibaba (BABA) and PDD (PDD), other Chinese tech stocks on the rise included JD.com (NASDAQ:JD), up by more than 3%; Baidu (BIDU), which saw its shares climb almost 4%; Weibo (NASDAQ:WB), up by 1.2%, and NetEase (NTES), which rose nearly 2%.
The KraneShares CSI China Internet ETF (KWEB) climbed by 2% as trading progressed.
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