JD.com shares lead Chinese tech gains as Beijing takes on U.S. at the WTO, again
JD.com (NASDAQ:JD) led a slate of gains in Chinese tech stocks Tuesday as Beijing continued to push back against U.S. curbs on semiconductor imports with a new complaint filed with the World Trade Organization.
China's new complaint is against regulations the U.S. has implemented to keep certain chip technologies from being sold to Chinese companies. The U.S. set the ban on the grounds that it believes the semiconductors in question could find their way into use by China's military. China has argued that the U.S. actions are little more than trade protection.
Tuesday's complaint comes about a week after the WTO sided with China in a complaint it had filed against the U.S. related to tariffs that had been imposed upon imported steel and aluminum.
With China taking on the U.S. over trade matters, JD.com (JD) shares climbed more than 5% on Tuesday, while Alibaba (NYSE:BABA) rose 4.6%, Baidu (BIDU) and Pinduoduo (PDD) were each up by more than 4%, NetEase (NTES) climbed more than 3% and Weibo (WB) rose almost 5%.
The KraneShares CSI China Internet ETF also flexed its muscles and was up by 5% in early trading.
Chinese companies have been on the rise of late as Beijing has begun relaxing some of its COVID-19 restritions.