Why Alibaba, JD.Com And Pinduoduo Are Moving

Shares of several Chinese companies are trading lower again Tuesday amid a rise in COVID-19 cases in China, which has resulted in lockdown measures.

Additionally, Chinese financial regulators have asked banks to stabilize lending to property developers and construction companies, reflecting Beijing’s latest effort to turn around the real-estate crisis and boost economic growth, reported Bloomberg.

Beijing has warned it was facing its most severe test of COVID as it tightened rules for entering the city. Guangzhou, a city of about 19 million people is battling the largest of recent outbreaks and has ordered a five-day lockdown for its most populous district Baiyun, according to the report...Read More

According to data from Benzinga Pro:

• Alibaba Group Holding Ltd - ADR BABA is trading lower by 2.37% to $75.10
• JD.Com Inc JD is lower by 3.37% to $50.73
• Pinduoduo Inc - ADR PDD is lower by 2.03% to $66.25