Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) surprised investors by beating Wall Street expectations on both its top and bottom lines. At the time of writing, BABA stock is up nearly 5% on the news during pre-market trading. After witnessing sluggish demand in April and May due to the resurgence of COVID-19 and related lockdowns in China, Alibaba is seeing signs of recovery across its businesses in June. What’s more, the company has even applied for a primary listing in Hong Kong, which will further expand and diversify its investor base.
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