Share prices for US-listed Chinese technology stocks including e-commerce giants Alibaba and JD.com reached historical highs on Wednesday after a domestic stock market rally reached fever pitch.

Why it matters: The jump in share prices for major US-listed Chinese tech firms followed recent gains for Chinese equities.

  • The Shanghai Composite soared around 9% this week, aided by a bullish front-page editorial from state-owned China Securities Journal and growing optimism triggered by economic recovery after the Covid-19 lockdown.
  • The gains come in spite of growing scrutiny of publicly traded Chinese firms over potential accounting issues.

Read more: As China tech stocks surge, a fundraising window opens

Details: Alibaba shares climbed 9.0% to close at $258 on Wednesday, its market valuation gaining around $6 billion to reach a historical high of $701.08 billion.

  • JD.com’s market cap hit $102.93 billion on Wednesday after its shares jumped 6% to close at $65 apiece. It became the fifth listed Chinese tech company to pass the $100 billion mark, joining Alibaba, Tencent, Meituan, and Pinduoduo.
  • Share prices for Hong Kong-listed companies also climbed—Tencent jumped 6.6% and Meituan rose 2.5% as of publication.
  • Blue City Holdings, the owner of China’s largest LGBT dating app Blued, soared 46% in its Nasdaq debut after raising $85 million.
  • Other Chinese tech stocks which climbed on Wednesday: microloan service Qudian surged 36%, app developer Cheetah Mobile jumped 31%, influencer platform Ruhnn was up 20%, and JD-backed grocery delivery service Dada-JD Daojia rose 13%.
  • Baidu and Pinduoduo were relative underperformers, rising a respective 2.2% and 1.4%.

Context: Chinese internet firms are returning to domestic markets, including secondary listings for Alibaba, JD.com, and Netease in Hong Kong, and JD Digits on Shanghai’s STAR market.

  • Sina, a Chinese online news portal and minority owner of microblogging service Weibo, may delist and go private after 20 years of trading on the Nasdaq.

Emma Lee

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via lixin@sixthtone.com or Twitter.