What's Going On With Alibaba Stock Thursday?

Alibaba Group Holding Limited BABA stock is trading higher Tuesday in sync with the broader index ETFs IShares China Large-Cap ETF FXI and KraneShares Trust KraneShares CSI China Internet ETF KWEB.

The Chinese stocks got a boost from continued upbeat results, including Alibaba, JD.Com, Inc JD, and Bilibili Inc BILI.

Also Communist Party representative has emphasized a speech given by President Xi Jinping calling for patience and solidity in the pursuit of “the national rejuvenation,” SCMP cites a daily journal.

Xi addressed top party members during the February 7 speech, part of which was published – hours after Beijing released more disappointing monthly economic data.

Tuesday’s article flagged the difficulties of modernizing a country of China’s size while citing its unique development model as its best hope.

It asked the public to take the long view and stay focused, balancing progress and stability with sustainability.

Meanwhile, China cut its holdings of U.S. Treasuries in June to the lowest since May 2009 amid persisting concerns over the security of its overseas assets and deteriorating relations with Washington.

China cut its holdings by $11.3 billion to $835.4 billion in June, representing a cut for the third month, SCMP cites U.S. Department of the Treasury.

China has cut its holdings by $103 billion in the past year to June, or 11% of its total.

Also, on Tuesday, reports indicated that Alibaba Cloud’s business communication and collaboration platform DingTalk will split from Alibaba Cloud as the latter seeks an IPO. DingTalk will not go public as part of Alibaba Cloud, and its COO Ku Wei will exit DingTalk and return to Alibaba Cloud. 

Price Action: BABA shares traded higher by 2.96% at $91.76 premarket on the last check Thursday.