Covid-19 Measures Relaxed: Chinese Stocks Surge

Nov 11, 2022

Chinese stocks, particularly e-commerce platforms Alibaba Group and JD.com, rose on Friday after the Chinese government announced a relaxation of some Covid-19 regulations.

In Hong Kong, Alibaba (BABA) shares surged 12%, while JD.com (JD) rose 16%. The Hang Seng Tech Index in Hong Kong finished 10% higher on Friday.

Alibaba ADRs were up 4% in premarket trade Friday, while JD.com ADRs were up 6%.

According to The Wall Street Journal, China stated Friday that it would decrease the quarantine time for persons who tested positive for Covid-19 and for visitors to the country. The reforms were part of a package of measures examined by the governing Communist Party's new senior leadership during their first meeting on Thursday.

According to the Chinese government-backed Global Times newspaper, these measures are committed to severely dealing with excessive and one-size-fits-all actions, prohibiting unreasonable moves to shut down schools and restrict transportation or clinical care.

Travelers from other nations will now be quarantined for eight days—five in a hotel or government center and three at home—down from ten days earlier. Before boarding an airplane trip, passengers will now just have to undergo one Covid-19 test.

The news occurred on the same day that China's biggest shopping festival, Singles Day, began, with enormous sales from Alibaba and JD.com.

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Covid-19 Measures Relaxed: Chinese Stocks Surge

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Credit Cards vs. Debit Cards
In today's digital era, online transactions have become an integral part of our daily purchases. The use of cash has significantly declined as we increasingly rely on card-based transfers. Let's face it, carrying cash can be inconvenient.

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Covid-19 Measures Relaxed: Chinese Stocks Surge

Subscribe Our Newsletter

Credit Cards vs. Debit Cards In today's digital era, online transactions have become an integral part of our daily purchases. The use of cash has significantly declined as we increasingly rely on card-based transfers. Let's face it, carrying cash can be inconvenient.

Credit Cards vs. Debit Cards
In today's digital era, online transactions have become an integral part of our daily purchases. The use of cash has significantly declined as we increasingly rely on card-based transfers. Let's face it, carrying cash can be inconvenient.