Alibaba, Tencent and other Chinese technology stocks surged Friday, lifting Hong Kong's Hang Seng Index to a near-three-year high. Market moves pointed to a likely rally in U.S. hours, too, with the Kraneshares CSI China Internet ETF,

The company increased its R&D investment by 14% to $621 million and just reported Q3 FY24/25 results with revenue growing 20% year-over-year to $18.8 billion and net income more than doubling to $693 million. On top of that, it received a non-recurring income tax credit of $282 million in Q3.