Alibaba Group Holding Ltd (NYSE:BABA) shares are trading higher Tuesday as China prepares to lift COVID-19 lockdown measures, beginning June 1.
Following a two-month lockdown, authorities in Shanghai have reportedly started removing obstructions from buildings in an effort to prepare the city for reopening on Wednesday.
Official Chinese factory activity data for May also showed significant improvement compared with the previous month. The National Bureau of Statistics said the official manufacturing purchasing managers index rose to 49.6 in May from 47.4 in April, which was above expectations.
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Alibaba operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
BABA Price Action: Alibaba has traded between $73.28 and $230.89 over a 52-week period.
The stock was up 4.01% at $97.17 at time of publication, according to data from Benzinga Pro.
Photo: courtesy of Alibaba.
