Chinese ADRs and ETFs jumped in overnight trading. YINN rose 2%; Li Auto rose 6%; Alibaba rose 4%; Kingsoft Cloud, XPeng rose 3%; PDD Holdings rose 2%; NIO and Baidu rose 1%.

Chinese technology shares have been on a tear in recent weeks as local AI startup DeepSeek’s breakthrough prompted investors to re-evaluate the nation’s leading internet companies.

Alibaba’s results are partly fueling the market’s Friday rally, said Bo Pei, an equity research analyst at US Tiger Securities. Xi’s meeting with Ma is an “indicator of the government’s evolving stance toward private enterprises and capital markets. It also has implications for whether foreign long-only funds will regain confidence in Chinese equities.”

Alibaba’s ADRs jumped 8.1% on Thursday after it reported sales that beat estimates, driven by the core Taobao and Tmall business as well as the closely watched cloud unit.