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Why Are Alibaba and Other Chinese Tech Stocks up So Much?

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Alibaba, Tencent and other Chinese technology stocks surged Friday, lifting Hong Kong’s Hang Seng Index to a near-three-year high.

In the U.S. the Kraneshares CSI China Internet ETF, or KWEB, advanced. Alibaba’s American depositary receipts (BABA) traded higher, as did shares in others such as PDD.