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Alibaba, Baidu Jump in US as China Vows Support for Tech

  • US-listed China stocks follow Hang Seng Tech Index higher
  • Vice Premier Liu He reaffirms support for platform companies
Updated on

Chinese internet stocks jumped in US trading after a senior Communist Party official reaffirmed support for the industry, stoking optimism that regulators may ease a yearlong clampdown.

The Nasdaq Golden Dragon China Index climbed 5.2% to its highest level in about two weeks. E-commerce giant Alibaba Group Holding Ltd. rose 6.4% while search engine operator Baidu Inc. and video-game maker NetEase Inc. gained 4.8% and 1.5% respectively. JD.com Inc. rose 4.2% after reporting better-than-expected revenue growth in the first quarter. The rally tracked a 5.8% gain in the Hang Seng Tech Index on Tuesday, the most this month. The gauge opened down 0.2% in Hong Kong on Wednesday.