- NYSE:BABA gained 2.85% as the U.S. markets reopened following the Labor Day weekend.
- Chinese exports rose by 25.6% in the month of August.
- AliBaba rival JD.com appoints a new CEO as founder Richard Liu steps down.
NYSE:BABA emerged from the Labor Day weekend the same way it entered it: rising in the green. On Tuesday, shares of AliBaba gained 2.85% and closed the trading session at $175.16. The rebound continues for AliBaba after its recent correction forced the stock to a 52-week low price of $152.80, after trading at nearly $320.00 per share less than a year ago. Over the weekend, it was revealed that the former manager who was at the center of the sexual assault scandal was not being charged by proescutors. It is unclear as to whether or not this news had an effect on AliBaba’s stock in the eyes of investors.
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The big news that sent Chinese ADRs soaring on Tuesday was that Chinese exports rose by 25.6% year over year in the month of August. The report shows that there is a strong demand for Chinese goods overseas, which include electronics and consumer goods. Other ADRs that rose alongside AliBaba include JD.com (NASDAQ:JD), PinDuoDuo (NASDAQ:PDD), and Baidu (NASDAQ:BIDU). All of these stocks have been beaten down over the past few months, but it seems as though Chinese ADRs have finally found a bottom.
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Speaking of JD.com, the founder and CEO Richard Liu is following in the footsteps of the founders of other companies like AliBaba, PinDuoDuo, and ByteDance, by taking a step back from day to day operations. Liu will remain Chairman and CEO, but will cede the day to day to the company’s newly appointed First President Lei Xu. Shares of JD.com were up 4.24% on Tuesday.
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