Alibaba, other China ADRs soar after WSJ report China to pause putting pressure on tech giants

The U.S.-listed shares of China-based technology companies soared in premarket trading Friday, after The Wall Street Journal reported that Chinese regulators were preparing to pause its campaign against technology companies, as they look to stem the deterioration in China’s economy. Citing people familiar with the matter, the WSJ report said regulators are set to meet with the tech giants next week, and are planning to hold off on new rules that limit the time young people spend on mobile apps. Also providing support, China top policy-making body said Friday that policies aimed at boosting the economy should be rolled out. Shares of Alibaba Group Holding Ltd. BABA, +6.80% surged 11.2% in premarket trading, iQIYI Inc. IQ, +6.59% shot up 11.7%, DiDi Global Inc. DIDI, +3.87% soared 14.4%, JD.com Inc. JD, +6.66% ran up 13.8% and Pinduoduo Inc. PDD, +13.54% rallied 15.3%. Electric vehicle makers also benefited, as shares of Nio Inc. NIO, -1.36% climbed 3.8%. The rallies come while futures ES00, -3.41% for the S&P 500 SPX, -3.63% dropped 0.8%.