Alibaba, JD.com rally as China's central bank cuts key interest rate
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Chinese Internet stocks surged Thursday, as an interest rate cut by China's central bank spurred a rally among the likes of Alibaba, JD.com and Weibo.
Prior to U.S. stock market opening, the People's Bank of China cut its one-year loan prime rate for the second time this month, to 3.7%, in an effort to relax the country's economic policies. The move had an immediate effect on China's leading Internet and tech companies, which often react to new Beijing economic measures.

Evidence of that was seen in Alibaba (NYSE:BABA), as its shares climbed more than 5%; JD.com (NASDAQ:JD), up by 10.4%; Baidu (NASDAQ:BIDU), which rose almost 6%; DiDi Global (NYSE:DIDI), up almost 7%, and Tencent Holdings (OTCPK:TCEHY) and Weibo (NASDAQ:WB), both of which climbed more than 6%.
The KraneShares CSI China Internet ETF (NYSEARCA:KWEB) was also on the rise and up by more than 7%.
On Wednesday, the Cyberspace Administration of China denied a report that it would require the country's Internet companies to get regulatory approval before making investments or raising new funding.