June 15, 2023

Alibaba, JD.com lead Chinese tech stocks higher as China cuts key interest rate

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Alibaba (NYSE:BABA), JD.com (JD) were among the leading Chinese technology stocks early on Thursday after the country’s central bank cut a key interest rate as it hopes to provide a jolt to a struggling economy.

Alibaba (BABA) gained 3.4% shortly before 10 a.m. EST, while JD.com (JD) also tacked on more than 3%. Also seeing strong gains were PDD Holdings (PDD), Baidu (BIDU) and Tencent (OTCPK:TCEHY).

Smaller Chinese tech stocks saw more muted gains, as Weibo (WB) gained 2.8%, while NetEase (NTES), Bilibili (BILI) and Kingsoft Cloud Holdings (KC) were mixed in early trading.

Separately on Thursday, it was reported that Alibaba (BABA) is looking to develop local businesses outside China, with Europe being the main priority.

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