Alibaba, U.S.-Listed China Stocks Rally on Ant Capital Plan Nod

An Alibaba signage at the World Artificial Intelligence Conference in Shanghai on Sept. 2. Photo: Bloomberg

(Bloomberg) — Alibaba Group Holding Ltd. led an advance in U.S.-listed Chinese stocks on Wednesday, with Ant Group Co. Ltd.’s approved fundraising plan boosting optimism that China’s regulatory clampdown on its internet sector is easing.

Alibaba, which owns a stake in Ant, rallied 13% in its biggest one-day gain since June, while its trading volume surged to around 200% of the three-month average. Its e-commerce peers JD.com Inc. and Pinduoduo Inc. also traded up 15% and 7.7% respectively.