Chinese stocks are on the rise Wednesday as investors react to positive news for Alibaba’s (NYSE:BABA) Ant Group.
The good news? The Chinese government has approved a fundraising plan. This allows its capital controlled by its consumer finance division to reach 18.5 billion yuan. That’s worth noting, as the prior approval was only for 8 billion yuan.
Adding to this, China is experiencing a positive economic change. The country is undoing its zero-Covid policy that kept many workers home in lockdowns. Without it that policy in place, businesses are expecting earnings to improve.
Both of these factors are pushing Chinese stocks higher today. Let’s dive into some specific examples of that below!
Chinese Stocks Up on Wednesday
- BABA stock starts us off, with shares up 11.2% as of Wednesday afternoon. With that comes heavy trading as some 30 million shares change hands.
- JD.com (NASDAQ:JD) shares are next with JD stock gaining 13.7% as of this writing. JD is also seeing strong trading today with some 9 million units on the move.
- Pinduoduo (NASDAQ:PDD) stock earns the last place on the list with shares climbing 8.6% this afternoon. Current PDD trading volume of roughly 7 million is still below its daily average of 12.9 million shares, however.
Investors seeking out more of the latest stock market news will want to stick around!
InvestorPlace has all of the hottest stock market news traders need to know about on Wednesday. A few examples include what has Crown Electrokinetics (NASDAQ:CRKN) stock rising, the latest on Rivian (NASDAQ:RIVN) stock and what’s happening with Microsoft (NASDAQ:MSFT) shares today. You can read up on all of this news at the following links!
More Wednesday Stock Market News
- Why Is Crown Electrokinetics (CRKN) Stock Up 200% Today?
- Rivian Missed Delivery Estimates. What Does That Mean for RIVN Stock?
- Why Is Microsoft (MSFT) Stock Down Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.