Why Alibaba Shares Are Falling Today

Alibaba Group Holding Ltd - ADR BABA shares are trading lower by 2.29% to $117.38 Wednesday morning. Shares of Chinese companies at large are trading lower after Shanghai announced it will be conducting mass COVID-19 testing in several districts following a rise in cases.

Per CNN, China's northwestern city of Xi'an, a financial hub home to 13 million people, was partially shut down on Wednesday after it reported the country's first outbreak of a highly transmissible new Omicron subvariant.

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According to data from Benzinga Pro, Alibaba has a 52-week high of $216.60 and a 52-week low of $73.28.