Alibaba, Other China-based Company Shares Get a Boost From Rate Cut In China

Alibaba Group Holding Ltd.'s stock surged 3.5% in premarket trade Friday, with an interest rate cut by China's central bank helping provide a big boost. The Chinese ecommerce giant's stock was up 1.5% prior to the rate announcement. The U.S.-listed shares of other China-based companies also rose ahead of Friday's open, with the iShares China Large-Cap ETF climbing 1.6%. Elsewhere, shares of JinkoSolar Holding Co. rose 2.5%, Baidu Inc. tacked on 3.4%, China Mobile Ltd. ran up 2.1% and Sina Corp. gained 2.4%.

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