{"id":35170,"date":"2023-07-13T12:18:38","date_gmt":"2023-07-13T16:18:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/alibaba-jd-com-stocks-gain-china-is-backing-tech-as-economy-splutters\/"},"modified":"2023-07-13T12:18:40","modified_gmt":"2023-07-13T16:18:40","slug":"alibaba-jd-com-stocks-gain-china-is-backing-tech-as-economy-splutters","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35170","title":{"rendered":"Alibaba, JD.com Stocks Gain. China Is Backing Tech as Economy Splutters."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

U.S.-listed stocks of Chinese technology companies rose on Thursday as investors concentrated on signs of support from Beijing, while brushing off more disappointing economic data.\u00a0<\/p>\n

American depositary receipts of
\n Alibaba
\n (ticker: BABA) were up 1.4% in premarket trading.
\n JD.com\u2019s<\/span>
\n (JD) ADRs rose 2.9%. Alibaba\u2019s Hong Kong shares closed more than 3% higher, and JD.com\u2019s surged 6.4%, while
\n Meituan
\n (3690.Hong Kong) was 5.8% up.<\/p>\n

\n

Premier Li Qiang on Wednesday met top management from several internet companies including Alibaba\u2019s cloud unit. Chinese state-run newspaper the Global Times reported that Li praised China\u2019s platform economy as an economic engine and that he expected state authorities to pursue normalized regulation for the sector.\u00a0<\/p>\n

\u201cThe comments [\u2026] signify that the Chinese authorities are turning to mega-cap internet companies as an instrument to pursue industrial policies, create employment, and attempt to tackle choke points in critical technology,\u201d Saxo Bank analyst Redmond Wong wrote in a research note on Thursday.\u00a0<\/p>\n

The signs that Beijing\u2019s crackdown on the tech sector might be easing outweighed more concerning economic data as Chinese exports decline further in June, signaling weak global demand.\u00a0<\/p>\n

China\u2019s exports fell more than expected in June, official data showed Thursday. Outbound shipments fell 12.8% from a year earlier, compared with a 7.5% decline in May, the General Administration of Customs said. Economists surveyed by The Wall Street Journal had expected a 9.2% fall.\u00a0<\/p>\n

China\u2019s trade surplus was $70.62 billion in June, higher than $65.81 billion in May but lower than the projected $74.0 billion.<\/p>\n

\u201cWe\u2019ve seen this trend all year and clearly, conditions are not improving, quite the opposite\u2026 Targeted stimulus may be needed sooner rather than later or the country\u2019s once seemingly modest 5% growth target may be at risk of being missed,\u201d wrote Craig Erlam, market analyst at OANDA, in a research note.<\/p>\n

Chinese officials have been relatively public about the country\u2019s worse-than-expected recovery from the Covid-19 pandemic in recent weeks as the country hovers on the brink of deflation. <\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

U.S.-listed stocks of Chinese technology companies rose on Thursday as investors concentrated on signs of support from Beijing, while brushing off more disappointing economic data.\u00a0 American depositary receipts of Alibaba (ticker: BABA) were up 1.4% in premarket trading. JD.com\u2019s (JD) ADRs rose 2.9%. Alibaba\u2019s Hong Kong shares closed more than 3% higher, and JD.com\u2019s surged […]<\/p>\n","protected":false},"author":1,"featured_media":35171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-35170","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAlibaba, JD.com Stocks Gain. 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