Alibaba Gains Amid China ADR Buying After A-Share Rout
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Alibaba Group Holding Ltd., China’s biggest e-commerce company, halted a three-day slide and JD.com Inc., its smaller rival, surged the most in six months as investors snapped up U.S.-listed Chinese stocks after indexes in Shanghai and Hong Kong tumbled.
American depositary receipts of JD.com, which had lost one-third of their value since an August high, surged 9.4 percent in New York. Alibaba, more valuable than Facebook Inc. or General Electric Co. after its September U.S. listing, rebounded 2.3 percent from a five-week low. The largest U.S. exchange-traded fund that tracks mainland Chinese stocks plunged 7.3 percent, the most on record.