Why the stock market has taken off despite China’s pandemic
As the pandemic has faded from the news, shares of Alibaba have skyrocketed.
The internet giant is up more than 8,000% in just over two months.
The tech giant, which has been hit hard by the economic sanctions imposed by the Trump administration, is now the largest private company on the Chinese stock market.
But it’s not all rosy.
Alibaba’s share price has tumbled 25% this year, as investors have become more cautious.
It is now down almost 9,000%.
As of Thursday, the company had a market value of just over $1.8 billion, according to FactSet data.
Alibaba has also had to deal with a lot of criticism over its business practices.
The company has been accused of profiting from the sale of the “virtual currency” bitcoin to a Chinese investor.
And it has been blamed for selling its cloud computing business to a Taiwanese company.
Alibaba is the first company to be sued by the Chinese government for alleged securities fraud.
But the company’s market capitalization is still relatively low.
As the Chinese economy has recovered, it’s been able to raise billions of dollars.
Alibaba, which had been struggling to recover, is up over 3,000%, according to Bloomberg.
But this week, the stock price fell even further.
The stock rose by 1,400% on Friday, when the Chinese central bank said it was considering issuing a new round of capital controls.
The move comes as the company is trying to regain some of the lost ground.
“We will see how things evolve, but at the moment we are not getting very far,” said an Alibaba spokesperson.
The Chinese government has been ramping up sanctions on the tech giant and its subsidiaries.
The country’s new “anti-money laundering” laws have also been accused by some of being overly broad.
And the government has warned that any companies that use the blockchain, the internet’s decentralized ledger, could be subject to fines and even jail time.