Alibaba, Chinese tech stocks flex muscles during Singles' Day online event
Igor Kutyaev

With the Singles' Day shopping event coming to a conclusion on Friday, several notable Chinese online retailers saw their shares heading toward big gains at the end of the week.
Alibaba (NYSE:BABA), which created the Singles' Day promotions, ended the day up by 1.4%, while JD.com (NASDAQ:JD) shares climbed more than 6%, Baidu (BIDU) was up by almost 4%, Weibo (WB) rose nearly 8%, Pinduoduo (PDD) edged up by almost 2% and NetEase (NTES) shares tacked on 4%.
The KraneShares CSI China Internet ETF (KWEB) also had a good day and rose more than 6%.
While the big-name Chinese Internet leaders flexed their muscles for a second-straight day, there were reports that the Singles' Day event might not reach the sales levels of past years.
However, those companies appeared to benefit from other reports that said Beijing was implementing new relaxations of Covid restrictions and lockdowns in parts of the country. On Thursday, Foxconn, which builds iPhones for Apple (AAPL) in the Chinese city of Zhengzhou, said it was taking new steps to ensure iPhone 14 production remains on track amid ongoing lockdowns in and around the company's massive assembly plant.