BABA Stock News: Alibaba Group Holding looks to continue higher after trading higher in Asia

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. 

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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. 

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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.