Alibaba Group Holding Limited (NYSE:BABA) stock is trading higher Friday in line with the broader indexes IShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) as China’s factory activity for August expanded.
The central bank announced a cut in reserve requirements to boost the economy.
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The Caixin/S&P global manufacturing purchasing managers’ index rose to 51.0 in August, better than the consensus of 49.3.
Also on Friday, the People Bank of China said it would reduce the foreign exchange reserve requirement ratio for financial institutions by 200 basis points — starting from September 15.
China’s cyberspace regulator has received 110 applications from domestic technology companies like Huawei and Alibaba for approvals related to deepfake technology norms.
The deepfakes leverage AI technology to generate visual and audio data virtually indistinguishable from the original.
The company will host its highly anticipated Super September sale from September 1-30, 2023.
Over 70 million products will join this year’s Super September, with some listed at their lowest price on Aliababa.com from the last 90 days.
The buyers will enjoy money-back protection from the platform’s Trade Assurance service and easy refund service, which has been extended from 30 to 60 days for all Super September products.
Price Action: BABA shares traded higher by 0.65% at $93.50 premarket on the last check Friday.
