Alibaba, JD.com, and Other Chinese Stocks Are Flying Amid Covid Rule Rumors

Shares in Chinese companies were rallying on Tuesday amid renewed optimism that the country would loosen its strict Covid-19 measures which have dampened growth in the world’s second-largest economy.

Hong Kong’s


Hang Seng Index


surged 5.2% on Tuesday, led by the


Hang Seng Tech Index


which gained 7.8%. Chinese tech stocks listed in New York were also buoyed, with


Alibaba


(ticker: BABA) up 6% in the premarket and e-commerce peer


JD.com


(JD) 7% higher.


Baidu


(BIDU) rose 6% and


Pinduoduo


(PDD) jumped 8%.