Shares of Alibaba Group Holding Ltd. 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. jumped 6.7%, Nio Inc. rallied 2.7%, DiDi Global Inc. climbed 3.2%, iQIYI Inc. gained 4.3%, XPeng Inc. rose 2.7% and Baidu Inc. gained 5.0%. Meanwhile, the iShares MSCI China ETF was up 3.7% while futures for the S&P 500 edged up 0.5%.
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