Shares of Alibaba Group Holdings Ltd. BABA, +3.54% surged 5.2% in premarket trading Monday, putting them on track for a fifth-straight gain, as part of a broad rally shares of China-based technology companies. Alibaba’s stock had soared 15.7% over the past four sessions, after closing on Oct. 4 at the lowest price since January 2019. The broad rally comes after reports that Chinese regulators fined food delivery giant Meituan MPNGY, +1.56% 3690, +8.36% the equivalent of more than $500 million, as that was a lot less than many had expected and it removes an overhang for the company and other tech stocks. Meituan’s Hong Kong-listed shares ran up 8.4% toward a three-month high. Among U.S.-listed shares of other China-based tech giants, JD.com Inc. JD, +3.03% climbed 1.8%, iQIYI Inc. IQ, +7.59% rose 3.2%, Baidu Inc. BIDU, +3.54% rallied 2.6% and Bilibili Inc. BILI, +0.80% advanced 3.1%. Meanwhile, the iShares MSCI China ETF MCHI, +0.77% gained 1.4% in Monday’s premarket, while futures ES00, -0.38% for the S&P 500 SPX, -0.19% slipped 0.4%.
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