U.S.-listed Chinese stocks jumped across the board on Friday with tech shares leading the gains after Beijing pledged more stimulus to rescue an economy hampered by extended Covid lockdowns and to support the development of tech platform companies.
E-commerce giant Alibaba Group Holding Ltd. ended the day up 6.8%, after earlier jumping as much as 13.9%. Peer JD.com gained 6.7% and Pinduoduo Inc. rose 13.5%. The Nasdaq Golden Dragon China index, up more than 4.5% to its highest level in 10 days, pared its monthly loss to roughly 5%. The rally in the group tracks a 10% advance in the Hang Seng Tech Index, its best one-day performance since Beijing vowed to stabilize financial markets on March 16.