Alibaba Group Holding
China's economy has been battling weak growth, further escalated the domestic crackdown on the hyperscalars.
As the Chinese companies started recuperating from the crackdown, the U.S. launched its semiconductor sanctions on the country, depriving it of advanced artificial intelligence technology and reducing its dependence on the country by consolidating its semiconductor base.
Chinese e-commerce companies, including JD.com, Inc.
Reportedly, China is weighing a fiscal stimulus of 6 trillion yuan, or $850 billion, in ultra-long special treasury bonds over the next three years to drive the economy.
Prior reports indicated that China's central bank planned to slash banks' reserve requirement ratio (RRR) by 50 basis points or half a percentage point and reduce the seven-day reverse repurchase rate to 1.5% from 1.7% to spur domestic spending.
Reportedly, China's stimulus package on September 24 restored over $3 trillion in market value to Chinese stocks trading in global markets. Alibaba, JD.com, and PDD stocks gained 29%-68% in the last 30 days.
Alibaba, JD.com, and PDD have officially started their promotions for the upcoming Singles' Day shopping festival as the stimulus reports do the rounds.
The annual festival, which takes place on November 11, launched earlier than previous years in 2024, SCMP reports.
Alibaba launched its presale event on October 16, with at least 50% discounts and free nationwide shipping available across its platforms. JD.com and PDD have also rolled out their Singles' Day promotions on the same day.
Alibaba has committed over $5.7 billion in resources to bolster its platforms during the event. JD.com has introduced price cuts on over a billion products, with significant discounts on high-ticket items.
Price Actions: At the last check on Tuesday, BABA stock was down 4.17% to $103.31. JD is down 7.68%, PDD is down 5.44%.
