Alibaba Group Holding Ltd BABA shares continue to trade higher Wednesday after China granted licenses to a second batch of video games, signaling a continued easing of the country’s regulatory crackdown on tech companies.
The National Press and Publication Administration approved 60 online games in the biggest mass approval of gaming titles for computers and smartphones in nearly a year.
Related Link: Why Alibaba, Nio, Chinese Peers Are Surging in Hong Kong Today
What Else Happened: According to a Wall Street Journal report, China is set to conclude its yearlong regulatory probe into DiDi as soon as this week. China’s deteriorating economic outlook has reportedly pressured regulators to ease its antitrust campaigns.
JPMorgan analyst Marko Kolanovic noted this week that Chinese stocks could finally be ready to reverse course and head higher, according to a Bloomberg report. Kolanovic cited the reopening in China, continued growth support and easing regulatory crackdowns.
BABA Price Action: Alibaba shares have traded between $73.28 and $230.89 over a 52-week period.
The stock was up 5.36% at $104.32 at press time, according to data from Benzinga Pro.
Photo: courtesy of Alibaba.
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