Asia
Alibaba, JD and Meituan Surge After China Stimulus Announcement
- Consumer tech firms seen as beneficiaries of new policies
- E-commerce and internet players have large buybacks in effect
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Alibaba Group Holding Ltd., JD.com Inc. and Meituan enjoyed their best trading days in years after the Chinese government announced measures to stimulate the troubled domestic economy.
Consumer tech firms were swept up in a buying spree that extended across sectors on bets that Beijing’s wide-ranging new policies will have the desired effect. Meituan and JD rose more than 20% in Hong Kong trading across Thursday and Friday, marking each firm’s best two-day performance since 2022, while Alibaba rose as much as 15% over the period.