Alibaba, JD.com among gainers on reports China may ease Covid restrictions
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Notable Chinese tech companies such as Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and NetEase (NTES) claimed the high ground Tuesday amid mixed reports that China might be about to ease some of its Covid-related restrictions around the country.
China has largely held to what has been called a "Zero Covid" policy for more than two years, and hasn't hesitated in enacting lockdowns of cities and urban areas in an effort to stamp out the virus. On Tuesday, one of Apple's (AAPL) top contract manufacturers, Foxconn, was reported to have closed off some of its facilities in the city of Zhengzhou and wasn't allowing workers in company living facilities to go out in public due to a recent outbreak in new Covid cases.
But, unconfirmed reports circulated suggesting that government officials were considering an easing of some of the restrictions that at times have contributed to supply chain disruptions for many leading tech companies.
The potential for Beijing easing up on some of its Covid-based regulations sent Chinese tech stocks on the whole rising as trading headed toward Tuesday's market close.
Gains came from Alibaba (BABA), up by more than 5%; JD.com (JD), which rose 4%; NetEase (NTES), up by more than 7%; Tencent Holdings (OTCPK:TCEHY), up by almost 10%; Baidu (BIDU), which rose more than 5% and Bilibili (BILI), which climbed by 6%.
The KraneShares CSI China Internet ETF (KWEB) was also on the rise and up by nearly 7%.
Meanwhile, Shanghai Disneyland was keeping visitors from leaving the resort after a guest tested positive for Covid.