Alibaba, Bilibili, Baidu surge as Chinese tech stocks see optimism on Biden-Xi talks
Chip Somodevilla

Alibaba (NYSE:BABA), Bilibili (NASDAQ:BILI), Baidu (NASDAQ:BIDU) and several other Chinese tech stocks rose on Tuesday as President Joe Biden and Chinese President Xi Jinping said at the G-20 summit in Bali that the two nations would have more frequent communications.
Alibaba (BABA) gained 10.5% to $78.82 in premarket trading, while Bilibili (BILI) and Baidu (BIDU) gained 13% and 5.4%, respectively. Also active in premarket trading were Kingsoft Cloud Holdings (KC), JD.com (JD) and Netease (NTES), among others.
The KraneShares CSI China Internet ETF (KWEB) rose nearly 7% as well.
In a three-hour long meeting between Biden and Xi at the conference, Biden said the U.S.'s One China policy has not changed and the U.S. is not looking for conflict with the world's most populous country.
In a statement from the White House, Biden added that the U.S. "will continue to compete vigorously with the PRC, including by investing in sources of strength at home and aligning efforts with allies and partners around the world," but that the competition should not "veer into conflict" and both countries need to manage the competition responsibly.
Biden and Xi also discussed other matters, including climate change, global macroeconomic stability, health and food security, as well as the U.S.'s continued support of Ukraine with equipment. 
Both leaders also reiterated their agreement that a "nuclear war should never be fought and can never be won and underscored their opposition to the use or threat of use of nuclear weapons in Ukraine," according to the statement.
On Monday, it was reported that Point 72 Asset Management, the hedge fund led by Steve Cohen, increased its position in Alibaba (BABA) during the third-quarter, while making several other changes to its portfolio.