Why DiDi Global, Alibaba, and NetEase Popped Today
Shares of DiDi Global (NYSE: DIDI), Alibaba (NYSE: BABA), and NetEase (NASDAQ: NTES) were all rising today on no company-specific news. All of these China-based companies are likely seeing their share prices jump today after a major sell-off of Chinese tech stocks over the past couple of weeks.
DiDi's stock was up 9.3%, Alibaba popped 4.9%, and NetEase's share price spiked 12.6% as of 2:15 p.m. EDT.
Investors have ditched many Chinese stocks over the past couple of weeks after the Chinese government appeared to tighten its grip on tech companies in the country. Much of the recent concerns started when the Chinese government indicated that DiDi Global, a ridesharing company in China, could face major fines or even the delisting of its stock.
Source Fool.com
