Chinese firms benefit from new incentives: Alibaba and JD.com set records

The Chinese government recently announced ambitious measures to support the domestic economy, which has been suffering from a prolonged downturn in real estate and weak consumer confidence. These new stimulus measures have significantly impacted tech giants Alibaba, JD.com and Meituan, which have seen their best trading days in years.

These government measures include interest rate cuts, liquidity injections into the banking system and other fiscal steps aimed at reviving the economy.

Shares of Chinese technology firms Alibaba Group $BABA, JD.com $JD and Meituanhave seen surprising gains in recent days as the Chinese government announced a series of stimulus measures to boost the economy. The three firms notched double-digit gains in trading on the Hong Kong bourse, with Meituan and JD.com posting more than 20% gains, while Alibaba improved 15% in two days.

The Chinese government surprised markets with the breadth and scope of its stimulus measures, which include support for the…