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April 29, 2022, 8:06 a.m. EDT

Alibaba, other China ADRs soar after WSJ report China to pause putting pressure on tech giants

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By Tomi Kilgore

The U.S.-listed shares of China-based technology companies soared in premarket trading Friday, after The Wall Street Journal reported that Chinese regulators were preparing to pause its campaign against technology companies, as they look to stem the deterioration in China's economy. Citing people familiar with the matter, the WSJ report said regulators are set to meet with the tech giants next week, and are planning to hold off on new rules that limit the time young people spend on mobile apps. Also providing support, China top policy-making body said Friday that policies aimed at boosting the economy should be rolled out. Shares of Alibaba Group Holding Ltd. /zigman2/quotes/201948298/composite BABA -2.03% surged 11.2% in premarket trading, iQIYI Inc. /zigman2/quotes/203657421/composite IQ -5.19% shot up 11.7%, DiDi Global Inc. soared 14.4%, JD.com Inc. /zigman2/quotes/205122565/composite JD -0.97% ran up 13.8% and Pinduoduo Inc. /zigman2/quotes/208876581/composite PDD -2.01% rallied 15.3%. Electric vehicle makers also benefited, as shares of Nio Inc. /zigman2/quotes/204905836/composite NIO -0.64% climbed 3.8%. The rallies come while futures /zigman2/quotes/209948968/delayed ES00 -1.08% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.88% dropped 0.8%.

/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 113.68
-2.35 -2.03%
Volume: 13.84M
June 30, 2022 4:02p
P/E Ratio
37.08
Dividend Yield
N/A
Market Cap
$309.14 billion
Rev. per Employee
$528,633
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/zigman2/quotes/203657421/composite
US : U.S.: Nasdaq
$ 4.20
-0.23 -5.19%
Volume: 10.28M
June 30, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.54 billion
Rev. per Employee
$794,616
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/zigman2/quotes/205122565/composite
US : U.S.: Nasdaq
$ 64.22
-0.63 -0.97%
Volume: 5.56M
June 30, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$98.83 billion
Rev. per Employee
$399,673
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/zigman2/quotes/208876581/composite
US : U.S.: Nasdaq
$ 61.80
-1.27 -2.01%
Volume: 8.46M
June 30, 2022 4:00p
P/E Ratio
42.45
Dividend Yield
N/A
Market Cap
$79.04 billion
Rev. per Employee
$1.53M
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/zigman2/quotes/204905836/composite
US : U.S.: NYSE
$ 21.72
-0.14 -0.64%
Volume: 53.07M
June 30, 2022 4:04p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$35.30 billion
Rev. per Employee
N/A
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,748.50
-41.00 -1.08%
Volume: 85,295
July 1, 2022 12:23a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,785.38
-33.45 -0.88%
Volume: 2.68B
June 30, 2022 5:30p
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