What's Going On With Alibaba Shares

Alibaba Group Holding Ltd - ADR BABA shares are trading higher by 7.22% to $68.17 Tuesday morning. Shares of Chinese companies are trading higher amid unconfirmed rumors suggesting a committee was exploring ways to ease China's 'Zero COVID' policy. A Chinese Foreign Ministry spokesman said he was unaware of a committee.

What Else?

Reported Reuters- an unverified note trending in social media, and tweeted by influential economist Hao Hong, said a "Reopening Committee" has been formed by Politburo Standing Member Wang Huning.

Reuters added that the unverified note says the committee is aiming to relax COVID rules, perhaps by March, 2023.

"I don't know where you got this information. I truly don't know anything about this," foreign ministry spokesman Zhao Lijian said when asked about such a committee.

Despite the unconfirmed nature of this reopening rumor, the Hang Seng Index, which tracks the largest Chinese companies, gained some 5.23% overnight.

According to data from Benzinga Pro, Alibaba has a 52-week high of $171.90 and a 52-week low of $58.01.