Chinese stocks surged Thursday as investors responded favorably to Beijing’s commitment to jolt its economy, with New York-listed shares of the firms adding hundreds of billions of dollars, helping boost American stocks as well.

Hong Kong and Shanghai stock markets soared again Friday with the latter index recording its strongest weekly gain in 16 years on hopes China would unveil yet more measures to

Chinese stocks surge after government stimulus measures. Alibaba, JD.com, Baidu, and others see significant gains.

Alibaba Group Holding Ltd., JD.com Inc. and Meituan enjoyed their best trading days in years after the Chinese government announced measures to stimulate the troubled domestic economy.

KEY TAKEAWAYS U.S.-listed Chinese companies from Alibaba to Temu parent PDD and China-focused ETFs surged Thursday following reports of more bailouts for the country's suffering economy.Bloomberg reported that Beijing is planning to inject around $140 billion into its largest state lenders to prop up the economy.

Alibaba is the largest among them, and its situation is improving.” Alibaba, owner of the South China Morning Post, is among a number of Chinese technology stocks that received a boost this week, following surprise market-support measures initiated by the People’s Bank of China that included mortgage rate cuts and an unprecedented US$114 billion stock-buying facility.