Why Are Alibaba, Baidu And Other Chinese Stocks Trading Higher In Thursday Premarket?

The Chinese government described this week's talks with the U.S. in Switzerland meeting as constructive, SCMP reports. 

The talks in Switzerland between Yang Jiechi and White House National Security Adviser Jake Sullivan ended without the confrontational tone that damaged their March meeting in Anchorage, Alaska, with Beijing this time saying the discussion was "conducive to enhancing mutual understanding."

China's top diplomat highlighted the importance of positive gestures by Washington in improving the atmosphere and the two sides agreeing to a virtual summit between their presidents. China attached importance to President Biden's recent positive statements on Sino-US relations, Jiechi said.

The U.S. sought a face-to-face meeting between Chinese President Xi Jinping and his U.S. counterpart, Joe Biden. However, they finalized a virtual conference before the end of the year. During six hours of talks in Zurich, both sides expressed differences over various issues and vowed to maintain communication.

China told the U.S. not to underestimate Beijing's will to safeguard national dignity. China noted that the U.S. has stated a lack of intention of containing China's development and will not engage in a 'new cold war.

China hopes that the U.S. will adopt a rational and pragmatic policy towards China and work with China to respect each other's core interests and major concerns. They also agreed to collaborate on climate change.

Both were able to have a "candid" and "wide-ranging" discussion, with Sullivan highlighting alleged human rights violations in Xinjiang, the situation in Hong Kong, and Beijing's military deployment in the South China Sea.

Price Action: Alibaba Group Holding Ltd BABA shares traded higher by 5% at $151.3 in the premarket session on the last check Thursday, Baidu Inc BIDU was up 3.31% at $154.31, DiDi Global Inc DIDI was up 3.43% at $7.84, and Bilibili Inc BILI was up 5.45% at $67.77.

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