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JD.com climbs 5% to join in broad Chinese tech rally

  • JD.com (NASDAQ:JD) shares rose more that 5% in late trading Friday as the e-commerce and business platform technology company joined in a rally that lifted many leading Chinese tech stocks.
  • JD (JD) was on track to end the week with a gain of 18%. Other Chinese stocks on the rise included Alibaba (BABA), up more than 5%; Pinduoduo (PDD) and NetEase (NTES), both of which climbed more than 4% and Tencent Holdings (OTCPK:TCEHY), which also rose 4%.
  • Much of the Chinese tech sector rose amid reports that China was starting to roll back some of the restrictions it has put in place to stem the spread of Covid-19 in the country.