Shares in China’s biggest online retailers were rising Tuesday after the country’s central bank cut its benchmark lending rate in a bid to revive faltering demand.

Alibaba Group’s American depositary receipts climbed 1.5% at the U.S. opening bell. ADRs for riva JD.com gained 2.1%, and ADRs for Temu parent PDD Holdings ticked up 0.5%. The S&P 500 was down 0.3%.

The moves came after the People’s Bank of China slashed benchmark lending rates by 10 basis points, the first time it has cut them this year.

The PBOC said it would lower the one-year loan prime rate to 3% and the five-year rate to 3.5%, citing a result of biddings by China’s major banks.

The e-commerce stocks have had a stellar year, boosted by the expectation that Beijing would turn to fiscal and monetary policy stimulus in a bid to reverse disinflation and prop up flagging domestic demand. Alibaba has jumped 45% and PDD has added 22% in 2025.

Pony AI’s first-quarter robotaxi revenues tripled with the Chinese autonomous vehicle firm setting sights on large-scale commercialization for those services later this year. The shares jumped 6.8.

Chinese video sharing platform Bilibili reported first-quarter earnings and revenue that topped analyst expectations, pushing its shares 5.5% higher. 

Trip.com reported first-quarter revenue of $1.91 billion, in line with analyst estimates. The travel service provider reported first-quarter adjusted earnings per ADS of 82 cents, missing estimates of 86 cents. The shares dropped 6%.