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Alibaba, Bilibili extend gains as China approves more games

Bloomberg
Bloomberg6/9/2022 08:28 AM GMT+08  • 2 min read
Alibaba, Bilibili extend gains as China approves more games
Live-streaming platform Bilibili Inc. jumped 6%, while e-commerce firm JD.com rose 7.7%. Photo: Bloomberg
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US-listed Chinese stocks rallied for a third day after China approved a second batch of video games this year, marking a further softening in the country’s stance toward internet firms.

The Nasdaq Golden Dragon China Index gained 5.7% on Wednesday, hitting a three-month high and extending an 8.9% rally across the previous two sessions. Tech giant Alibaba Group Holding Ltd. was among the top gainers, advancing 15% to its highest since early February. Live-streaming platform Bilibili Inc. jumped 6%, while e-commerce firm JD.com rose 7.7%.

After a tech crackdown that ensnared sectors from e-commerce to fintech and even online education, Beijing has taken a more lenient line, introducing policies aimed at propping up the group and the Chinese economy. The Wall Street Journal reported that regulators are preparing to wrap up their investigation into Didi Global Inc. and restore the ride-hailing giant’s main apps to mobile stores as soon as this week.

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