Chinese tech stocks extended their rally on Wednesday, with Alibaba (NYSE:BABA) leading the charge.
Alibaba’s Hong Kong-listed shares surged above 9% after the e-commerce giant announced plans to ramp up artificial intelligence spending past an original $50 billion-plus target and unveiled its largest-ever language model, the Qwen3-Max. The company also said it plans to integrate Nvidia’s suite of AI development tools for ‘Physical AI’ into its cloud software platform.
The Hang Seng Tech Index, which tracks the largest tech firms listed in Hong Kong, also rose 2.7% and has soared 46% year-to-date, driven in part by optimism around AI investments and substantial fundraising by major companies.
Alibaba’s NYSE-listed ADRs also climbed 9.2%, while U.S.-listed shares of other major Chinese tech companies jumped in premarket trading: Baidu (BIDU) +4.6%, JD.com (JD) +3.7%, Bilibili (BILI) +3.2%, KE Holdings (BEKE) +2.4%, Baozun (BZUN) +1.9%, and Trip.com Group (TCOM) +0.7%. Other Chinese tech majors to watch: NetEase (NTES) and Tencent (OTCPK:TCEHY).