BABA Stock News: Alibaba Group Holding shrugs off Chinese techlash, rises above $170

NYSE:BABA gained 2.90% on Tuesday, as Chinese ADRs traded higher.
The Chinese government turns its attention to eCommerce regulations.
Meituan tops estimates for the quarter amidst antitrust probe.

Stocks Reporter FXStreet

NYSE:BABA may have finally reached its bottom as the Chinese eCommerce giant has put together a two-day rally to start the week. On Tuesday, shares of BABA gained 2.90% to close the trading session at $166.99. The move higher comes on a day where all three major indices closed the session lower. The lower than expected August Consumer Confidence Index could be one reason for the struggling markets. Other ADRs that finished the day higher include Baidu (NASDAQ:BIDU) which gained 2.51%, DIDI (NYSE:DIDI) which added 0.49%, JD.Com (NASDAQ:JD) which rose 2.44%, and PinDuoDuo (NASDAQ:PDD) which jumped 5.31%.

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The Chinese government is extending its regulatory crackdown to the eCommerce industry by holding these companies accountable for any intellectual property violations. This isn’t anything new, but the CCP is planning to tighten these regulatory oversights which could have a direct effect on companies like AliBaba, JD.Com, or PinDuoDuo. The move is intended to track sites that allow users to sell pirated goods, a list that the U.S. government releases annually. AliBaba and PinDuoDuo are at the top of that list, and now it looks like they will have the CCP to answer to as well.

BABA stock price target

AliBaba rival Meituan reported its second quarter earnings on Monday and topped estimates from analysts. The Tencent-backed company is yet another Chinese tech company that is on the crosshairs of the Chinese government. Meituan is facing antitrust fines of up to $1 billion, in an investigation that started around the same time as AliBaba’s. So far this year, Meituan has lost nearly $160 billion from its market cap, which is nearly half the value of the company.

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Stocks Reporter

FXStreet

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