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What's Going On With Alibaba Stock Tuesday?

Anusuya Lahiri
·2-min read

Alibaba Group Holding Limited (NYSE: BABA) stock is trading higher Tuesday amid reports of China approving 105 domestic games following recent industry restrictions that caused an $80 billion market downturn.

The approved titles included games from top publishers Tencent Holdings Ltd (OTC: TCEHY) and NetEase Inc (NASDAQ: NTES), indicating a potential easing pressure on these companies, Bloomberg reports.

However, concerns intensified last Friday when the National Press and Publication Administration (NPPA) announced new regulations to curb online game development.

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These rules include capping spending for adult players, banning certain in-game rewards, forced player-versus-player matches, and content that violates national security.

The NPPA later expressed willingness to consider feedback from stakeholders to refine these rules.

These stringent measures imposed just before Christmas triggered memories of the aggressive tech-sector crackdown in 2021, which affected various industries, including e-commerce, entertainment, and online education.

 

Meanwhile, Alibaba is strategically refocusing its largest online market by appointing millennials, notably from PDD Holdings Inc (NASDAQ: PDD), to prominent positions amid rising competition.

The reshuffle at Taobao and Tmall Group involves six young executives taking the lead after Eddie Wu Yongming assumed the CEO role, replacing Trudy Dai Shan.

This move aims to rejuvenate Alibaba's e-commerce sector, crucial for its revenue, to regain favor among younger consumers who prefer budget-oriented platforms, SCMP reports.

Wu Jia, credited for transforming Quark into a popular tool for Chinese netizens, will enhance user experience.

Chen Weiye, formerly with Ele.me, now heads Taobao, while Liu Bo oversees Tmall.

Cheng Daofang manages live-streaming e-commerce, Liu Yiman oversees merchant-to-consumer business, and Wang Tingxiang leads fashion and apparel development.

Wu's strategic adjustments include the intent to make Alibaba's core management primarily composed of millennials within four years.

The company also restructured its businesses, emphasizing AI and customer service and aligning e-commerce with technology under Wu's leadership.

Price Action: BABA shares traded higher by 0.62% at $75.75 premarket on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Wikimedia Commons

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