Chinese ADRs and ETFs jumped in morning trading. YINN rose 8.7%; Trip.com rose 6%; JD.com rose over 3%; DRAG, iQiyi rose over 2%.

Short positions on American Depositary Receipts of major companies including Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc. haven’t changed dramatically in recent days, according S3 Partners and JPMorgan Chase & Co. If the bears were forced out of their bets, the rally could get further momentum.

“The sharp rally in Chinese ADRs over the past week has been mostly the result of fresh buying rather than short covering,” JPMorgan Chase & Co. strategists including Nikolaos Panigirtzoglou wrote in a note this week. “Short covering in individual stocks appears to have played only a modest role in the Chinese equity rally.”

The Hang Seng Tech Index, which tracks 30 Chinese tech companies listed in Hong Kong, has soared more than 45% in less than four weeks, including a record surge in the six days through Wednesday. Alibaba, JD.com and food-delivery company Meituan were among those that had some of their best trading days in years as investors swept up in a buying spree after the Chinese government announced measures to stimulate the troubled domestic economy. The tech gauge climbed on Friday for the seventh in eight days.