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Benzinga
Benzinga
Politics
Anusuya Lahiri

Here's Why Kanzhun, Full Truck Alliance Shares Are Trading Higher Today

  • The app of online recruitment services company Kanzhun Ltd (NASDAQ:BZ) and two apps of the logistics platform Full Truck Alliance Co Ltd (NYSE:YMM), namely, Yunmanman and Huochebang announced the resumption of new user registrations, Reuters reports.
  • The apps were under review by China’s cyberspace regulator.
  • The Chinese government recently expressed support for the domestic tech industry, which had been undergoing intense scrutiny.
  • JD.com, Inc (NASDAQ:JDrenewed the three-year strategic cooperation agreement with Tencent Holding Ltd (OTC:TCEHY). 
  • Tencent will continue to offer JD.com prominent Level I and Level II access points on its Weixin platform to provide traffic support.
  • They look to continue cooperating in several areas, including communications, technology services, marketing and advertising, and membership services. 
  • JD.com will issue shares worth $220 million to Tencent towards the agreement.
  • Tencent sold a $16.4 billion stake in JD.com to Walmart Inc (NYSE: WMT) in 2021, Reuters reports.
  • Tencent, which first invested in JD.com in 2014, owns a 2.7% stake in the company as of March 25.
  • Price Action: YMM shares traded higher by 7.93% at $9.94 in the premarket on the last check Wednesday. BZ shares traded higher by 4.55% at $28.05.
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