BABA Stock News: Alibaba Group Holding looks to continue higher after trading higher in Asia
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADE- NYSE:BABA started the week strong in Hong Kong, gaining over 1.0%.
- The scandal that recently rocked AliBaba has been dropped by local police.
- The Hang Seng tech index rises as Tencent buys back more shares.
NYSE:BABA had the day off on Monday as U.S. markets celebrated the Labor Day long weekend. Stock markets around the world were open though, and AliBaba’s Hong Kong stock was trading at just around 1.70% higher at the time of this writing. AliBaba continues to bounce back after the recent selloff, as shares of the Chinese eCommerce giant gained 6.32% last week. It was the best week AliBaba has had in a few months, as continued Chinese government crackdowns and increased regulations have caused most Chinese tech stocks to pull back to several year lows.
Stay up to speed with hot stocks' news!
The recent sexual assault scandal that rocked AliBaba, and ignited a gender equality and renewed #MeToo demonstration has reached its conclusion. The former AliBaba manager at the center of the event was released by Jinan police as charges against him were dropped. A brief message on social media platform Weibo posted by the manager’s wife simply read: ‘Released at dawn’. The ruling caused an online outburst across China as the Jinan police statement received well over 10,000 comments on Weibo. The conclusion of the case is yet another black eye to the treatment of females in Chinese work environments and failures by the country to protect its women.
BABA stock price target
The Hang Sens tech index was trading higher in Hong Kong on Monday on the news that tech conglomerate Tencent will be increasing its share buyback program. Tencent announced it would be buying a further HK$100.5 million worth of stock, and has bought back over 2.2 million shares since August 18th. Tencent also announced it will be releasing its popular League of Legends game on a mobile version on September 15th, which some investors are reading as positive news given the recent crackdowns on the gaming industry by the Chinese government.
- NYSE:BABA started the week strong in Hong Kong, gaining over 1.0%.
- The scandal that recently rocked AliBaba has been dropped by local police.
- The Hang Seng tech index rises as Tencent buys back more shares.
NYSE:BABA had the day off on Monday as U.S. markets celebrated the Labor Day long weekend. Stock markets around the world were open though, and AliBaba’s Hong Kong stock was trading at just around 1.70% higher at the time of this writing. AliBaba continues to bounce back after the recent selloff, as shares of the Chinese eCommerce giant gained 6.32% last week. It was the best week AliBaba has had in a few months, as continued Chinese government crackdowns and increased regulations have caused most Chinese tech stocks to pull back to several year lows.
Stay up to speed with hot stocks' news!
The recent sexual assault scandal that rocked AliBaba, and ignited a gender equality and renewed #MeToo demonstration has reached its conclusion. The former AliBaba manager at the center of the event was released by Jinan police as charges against him were dropped. A brief message on social media platform Weibo posted by the manager’s wife simply read: ‘Released at dawn’. The ruling caused an online outburst across China as the Jinan police statement received well over 10,000 comments on Weibo. The conclusion of the case is yet another black eye to the treatment of females in Chinese work environments and failures by the country to protect its women.
BABA stock price target
The Hang Sens tech index was trading higher in Hong Kong on Monday on the news that tech conglomerate Tencent will be increasing its share buyback program. Tencent announced it would be buying a further HK$100.5 million worth of stock, and has bought back over 2.2 million shares since August 18th. Tencent also announced it will be releasing its popular League of Legends game on a mobile version on September 15th, which some investors are reading as positive news given the recent crackdowns on the gaming industry by the Chinese government.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.