Chinese stocks rallied on Tuesday amid speculation that officials were examining scenarios to end or loosen the country’s draconian zero-Covid policy that has crushed growth in the world’s second-largest economy this year.
Hong Kong’s Hang Seng Index—which has experienced its worst-performing year in more than a decade—saw the biggest intraday jump at nearly 7%. Shares of Hong Kong-listed tech firms such as
Alibaba Group Holding
(ticker: 9988.Hong Kong) and
(9618.Hong Kong) skyrocketed.
U.S.-listed shares (BABA) were up 5.5% in New York trading on Tuesday while
(JD) climbed 5.1%.