What's Going On With Chinese Stocks Alibaba, JD, Nio, Li Auto XPeng on Friday?

Alibaba Group Holding (NYSE:BABA), the China tech industry barometer, is trading higher, marking its third week of gains as investors anticipate more upcoming stimulus, SCMP reports.

Alibaba’s e-commerce rivals, including PDD Holdings Inc. (NASDAQ:PDD), JD.com, Inc. (NASDAQ:JD), and Baidu, Inc. (NASDAQ:BIDU), saw gains on Friday.

In September, China’s central bank shared plans 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. Additionally, China agreed to let homeowners refinance mortgages.

Also Read: Alibaba and JD.com Battle for Hong Kong Shoppers, Stocks Slide After Stimulus Rally

John Choi of Daiwa Securities told the SCMP that stocks are trading below their three- and five-year averages. He expects e-commerce companies to be the key beneficiaries of further stimulus measures.

China’s stimulus package on September 24 restored over $3 trillion in market value to Chinese stocks ...

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