Benzinga - Alibaba (NYSE:BABA) Group Holding Ltd (NYSE: BABA) shares are trading higher Wednesday. The stock may be rebounding after facing selling pressure in recent sessions on lockdown concerns related to spikes in COVID-19 cases.
What Happened: COVID-19 cases have been rising in multiple districts throughout China. On Monday, Beijing officials urged residents of the Chaoyang district to stay at home, extending a request from the weekend. The Haizhu district in Guangzhou also extended its COVID-19 restrictions in some areas to Nov. 27, according to local reports.
Beijing reported more than 1,400 new COVID cases on Tuesday, marking a record for the city. Several reports indicate that Beijing will require individuals to show a negative PCR test within the last 48 hours to enter public venues like shops, hotels and government buildings.
The new restrictions come after Beijing reported three COVID-related deaths over the weekend, its first deaths reportedly caused by the virus since May.
Check This Out: Jim Cramer Says China's Vaccines 'Don't Work' But Xi Won't Admit It
What Else: Chinese authorities will reportedly impose a fine greater than $1 billion on Alibaba co-founder Jack Ma’s Ant Group, ending a regulatory battle that lasted more than two years.
Ant affiliate Alibaba was fined approximately $2.5 billion for antitrust violations last year.
BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $58.01.
The stock was up 2.44% at $77.84 at time of publication, according to Benzinga Pro.
Photo: courtesy of Alibaba.
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