Chinese e-commerce stocks jumped after the country's central bank announced a broad stimulus package. Alibaba, JD.com, and Pinduoduo led the surge.

Chinese tech stocks surged this week, with the Hang Seng Tech Index closing nearly 6% higher. Alibaba hit $100 per share in the U.S. for the first time since last year, and its Hong Kong stock reached its highest since February 2023.