Shares of Alibaba Group Holding Ltd. BABA, -0.67% shot up 5.9% in premarket trading Thursday, putting it on track for the biggest gain this year, as an interest rate cut by the People’s Bank of China helped fuel a rally in the U.S.-listed shares of China-based companies. Among other more-active shares of China-based companies, JD.com Inc. JD, -1.50% jumped 6.7%, Nio Inc. NIO, -3.31% rallied 2.7%, DiDi Global Inc. DIDI, +4.81% climbed 3.2%, iQIYI Inc. IQ, +0.83% gained 4.3%, XPeng Inc. XPEV, -7.44% rose 2.7% and Baidu Inc. BIDU, +1.01% gained 5.0%. Meanwhile, the iShares MSCI China ETF MCHI, +0.49% was up 3.7% while futures ES00, +0.37% for the S&P 500 SPX, -0.97% edged up 0.5%.
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