Popular Chinese concept stocks soared on Wednesday, with Alibaba rising more than 8%.

On Wednesday, popular Chinese concept stocks rose across the board, with the Nasdaq Golden Dragon China Index up 2.83%. Alibaba rose more than 8%, Pinduoduo up more than 1%, JD.com and Baidu up more than 5%, Tencent Music and Li Xiang up more than 1%, Futu up more than 5%, Nio up more than 2%.