𝙰𝚕𝚒𝚋𝚊𝚋𝚊'𝚜 𝙱𝚞𝚜𝚒𝚗𝚎𝚜𝚜 𝙷𝚊𝚜 𝙶𝚛𝚘𝚠𝚗 𝙻𝚒𝚔𝚎 𝙲𝚛𝚊𝚣𝚢, 𝙱𝚞𝚝 𝙸𝚝𝚜 𝚂𝚑𝚊𝚛𝚎𝚜 𝙷𝚊𝚟𝚎 𝙱𝚎𝚎𝚗 𝙷𝚒𝚝 𝙷𝚊𝚛𝚍
China has pledged to keep its stock markets more stable and take measures to boost economic growth this morning, sending shares of tech companies Alibaba and JD.com up more than 25%. For e-commerce giant Alibaba that news couldn't have come any sooner, as the company's share price has been in a slump for much of the last 18 months, which has had little to do with the company's fundamentals.
Thanks to its ties with founder Jack Ma, Alibaba has been in the cross hairs of China's big tech crackdown. That has meant that, despite growing its revenue more than 13x from 2014 to 2021, Alibaba's share price found itself below its IPO price recently.
𝙲𝚑𝚊𝚛𝚝𝚛 | 𝙳𝚊𝚝𝚊 𝚂𝚝𝚘𝚛𝚢𝚝𝚎𝚕𝚕𝚒𝚗𝚐
