Alibaba, and Other China Stocks Soar. Here’s What Sparked the Turnaround.

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Shares in some of China’s largest companies notched eye-watering gains on Wednesday amid reports from state-run media that the government would support the stock market and boost economic growth.

Alibaba (ticker: BABA) stock was up 18% in premarket trading in the U.S., with its Hong Kong-listed shares tearing 27.3% higher. E-commerce peer (JD) saw premarket gains of 19% after jumping more than 35% in Asian trading. NetEase surged 15% before the New York open after gaining 23% in Hong Kong.