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Alibaba Group Holding Limited (NYSE:BABA) stock is trading higher Tuesday in line with broader indexes IShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB).
Alibaba peers, including PDD Holdings Inc (NASDAQ:PDD), Baidu, Inc (NASDAQ:BIDU), and JD.Com, Inc (NASDAQ:JD), also joined the rally.
The stock rally follows reports of China eying a stimulus package to stabilize the slumping stock market.
Chinese authorities are considering a new stabilization fund of about $278 billion (2 trillion yuan) to support the stock market, Bloomberg reports.
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This fund aims to buy shares onshore through the Hong Kong exchange link, utilizing mainly offshore funds from state-owned enterprises.
Additionally, the regulator looks to mobilize at least 300 billion yuan from local funds to invest onshore shares.
The measures come as previous efforts to boost investor confidence have fallen short, with the CSI 300 Index hitting a five-year low.
Meanwhile, Alibaba is launching its first “all-category” physical store for its online second-hand trading platform, Xianyu.
The store, Xianyu Recycle Shop, will open this Sunday in a renovated industrial estate in Hangzhou, where Alibaba is headquartered.
This venture aligns with CEO Eddie Wu Yongming’s strategy of fostering innovation within Alibaba’s businesses, SCMP reports.
The store will operate on a consignment model, accepting various items such as apparel, home appliances, musical instruments, and luxury goods.
Wu has identified Xianyu as one of Alibaba’s four key “strategic-level innovation businesses,” alongside 1688, DingTalk, and Quark.
These units will function as independent subsidiaries, pursuing their market strategies.
The physical store aims to simplify the selling process for users who otherwise rely on the app for sales communications.
Xianyu has shown user growth, with a 20% increase in daily active users in the September quarter and over 500 million total users, as noted by Xianyu General Manager Ji Shan in May.
BABA stock has lost 43% last year. FXI and KWEB broader indexes lost 34% – 36% last year. The U.S. broader tech index Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) gained 46%.
Price Action: BABA shares are trading higher by 2.08% at $70.07 premarket on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Alibaba Photo by zhu difeng on Shutterstock
