Alibaba Group Holding Ltd – ADR (NYSE:BABA) shares are trading higher by 8.21% to $68.41 Wednesday morning. Shares of several Chinese stocks are trading higher and rebounding after Chinese President Xi won his 3rd term and selected loyalists to the Politburo Standing Committee.
Chinese stocks have been extremely volatile this week as some investors are concerned about increasing private sector and tech company regulation.
What Happened In China Last Weekend?
Xi Jinping secured his third term in power on Sunday by winning re-election as general secretary of the Chinese Communist Party.
The Central Committee of the Chinese Communist Party (CCP) elected Xi as its general secretary for a precedent-breaking five-year term, according to a Reuters report. Jinping was first elected in 2012 and will complete his 10-year tenure this year.
The CCP also named a seven-member Politburo Standing Committee (PSC) led by Jinping, its inner circle of power dominated by the party leader’s allies…Read More
According to data from Benzinga Pro, Alibaba has a 52-week high of $178.28 and a 52-week low of $58.01.
