Alibaba, JD.com lead strong rally in Chinese Internet stocks
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Chinese tech stocks rallied along with the broader market, Tuesday, as investors on the whole showed enthusiasm following the latest data on job openings and the labor market.
Among leading Chinese tech companies, Alibaba (NYSE:BABA) shares climbed 4.6%, Weibo (WB) surged by 7.4%, Baidu (NASDAQ:BIDU) rose 3.2%, JD.com (NASDAQ:JD) climbed by 5% and NetEase (NTES) shares rose 4.5%.
Bilibili (BILI) surged more than 9% as the online entertainment platform developer said over the weekend that it completed the move of its primary stock listing to the Hong Kong Stock Exchange. Bilibili (BILI) shares are now listed in Hong Kong and the United States.
Tencent Holdings (OTCPK:TCEHY) rose 4.5%. The company is reportedly looking at selling its holdings in some other company's, including Chinese ride-sharing leader DiDi Global (OTCPK:DIDIY), in order to finance buybacks of its own stock.
The KraneShares CSI China Internet ETF (KWEB) also rose 6% on the day.
The market rallied as the Job Openings and Labor Turnover survey, also known as JOLTs, came in lower than expected for August, and alleviated some concerns about a tightening of the U.S. labor market.