Why Alibaba Shares Are Rising Today - Alibaba Gr Hldgs (NYSE:BABA), JD.com (NASDAQ:JD)

Technology stocks led a broad rally in Chinese equities on April 29, with traders citing speculation of a possible easing of the domestic regulatory crackdown, Bloomberg reports.
The Communist Party's Politburo pledged to support the healthy growth of platform firms.
Top leaders also pledged to meet economic targets insinuating stimulus to support growth amid China's worst Covid outbreak since 2020.
Also Read: Here's Why Alibaba And Other Chinese Stocks Are Trading Higher Premarket
According to Bloomberg, the Hang Seng Tech Index jumped 11% in Hong Kong, the most since March 17, led by Alibaba Group Holding Limited BABA and JD.com, Inc JD.
Traders cited rumors, including an upcoming meeting between tech firms and policymakers regarding the ease of the yearlong regulatory clampdown.
Beijing also discussed with American regulators to allow on-site audit inspections of Chinese companies trading in New York exchanges.
However, a Covid resurgence and a lack of concrete steps weighed on the broader Chinese equities market.
The Chinese officials also reiterated support for China's dynamic Covid Zero policy, a concern for the traders.
Recently Alibaba and others slashed employee force.
Price Action: BABA shares traded higher by 12.92% at $102.61 premarket on the last check Friday.

Here's Why Alibaba, JD Led Broad Rally In Chinese Tech Equities