Alibaba Group Holding Ltd (NYSE:BABA) shares are trading higher Friday after a Chinese state media report indicated the Chinese government may end its regulatory crackdown on big tech firms.
According to a South China Morning Post report, citing two sources briefed on the situation, the Chinese government is set to hold a symposium with the country's big tech companies. The scheduled meeting has increased optimism that restrictions on big tech firms could be eased and internet platforms could take on larger roles in China.
The symposium reportedly comes as the country looks to prop up its "ailing economy." The meeting is scheduled to take place following China's Labor Day holiday, which begins on May 1 and runs through the middle of the week.
Two people reportedly told the South China Morning Post that the symposium will "assure business executives that regulators will no longer demand rectifications or impose surprise fines."
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Alibaba operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
BABA 52-Week Range: $73.28 - $239.22
According to data from Benzinga Pro, the stock was up 11.9% at $101.74 at press time.
Photo: courtesy of Alibaba.
