Alibaba, JD.com gain as Chinese stocks rise on DiDi's Hong Kong plans
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Chinese Internet and tech stocks rose Wednesday as companies such as Alibaba (NYSE:BABA) and JD.com (NASDAQ:JD) gained ground following a report that DiDi Global is getting closer to listing its shares in Hong Kong.

Before the U.S. stock markets opened, the South China Morning Post reported that DiDi (NYSE:DIDI)--known as the Uber (NYSE:UBER) of China--could move its shares listing from New York to Hong Kong as early as the second quarter of this year. DiDi (DIDI) said last month that it would move its listing to Hong Kong, and that it will do so via a "listing by introduction" method.
As part of its U.S. delisting, DiDi (DIDI) will reportedly offer its ADS shareholders a 1-for-1 exchange for their shares in Hong Kong.
DiDi (DIDI) shares rose more than 5% in pre-market trading following the Hong Kong report. As is often the case, several well-known Chinese tech stocks climbed alongside DiDi (DIDI).
Alibaba (BABA) rose 3.4%, Weibo (NASDAQ:WB) was up by 2.6%, Baidu (NASDAQ:BIDU)
shares climbed 3%, Tencent Holdings (OTCPK:TCEHY) and Bilibili (NASDAQ:BILI) were both up by more than 4%, and the KraneShares CSI China Internet ETF (NYSEARCA:KWEB)
moved upward by more than 3%.
JD.com (JD) flexed its muscles as its shares edged up by 2%. JD's (JD) gains came on top of its shares climbing more than 10% on Tuesday after Atlantic Equities started coverage of the Chinese e-commerce company with an overweight rating.