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Bloomberg
Alibaba Group Holding Ltd led an advance in US-listed Chinese stocks in premarket trading, with Ant Group Co’s approved fundraising plan boosting optimism that China’s regulatory clampdown on its internet sector is easing.
Alibaba, which owns a stake in Ant, rallied 6.7%. Its e-commerce peers JD.com Inc and Pinduoduo Inc both traded up more than 4.5%.
Chinese stocks have rallied at the start of the year on bets that the nation’s reopening will eventually boost the economy and corporate profits despite initial disruptions.
The exchange-traded KraneShares CSI China Internet Fund pointed to a second day of gains, rising 4.5% before the bell.
Regulators approved a plan by Jack Ma’s Ant to raise 10.5 billion yuan ($1.5 billion) for its consumer unit, removing a hurdle before the fintech giant restarts its initial public offering shelved in 2020.