Chinese tech stocks jump; Yahoo follows Alibaba higher

• Many beaten-up Chinese tech names are up strongly on a morning the Nasdaq is up 1%. The gains comes after the Shanghai and Shenzhen exchanges respectively rose 3.3% and 4.1% overnight; strong new loan data and PBOC cash-removal efforts helped.
• Alibaba (BABA +6.7%) is one today's standouts, and that naturally means Yahoo (YHOO +5.8%), which (for now) is still pursuing a reverse spinoff of its core business to better monetize its 384M-share Alibaba stake, is also posting big gains. Fellow Chinese e-commerce firms JD.com (JD +7.6%), Vipshop (VIPS +7.9%), LightInTheBox (LITB +6.7%), and Dangdang (DANG +8.3%) are also doing well.
• Other big gainers include Weibo (WB +9.5%), Momo (MOMO +16.8%), Leju (LEJU +9.4%), NetEase (NTES +6.7%), Changyou (CYOU +6.5%), Bitauto (BITA +8.9%), 58.com (WUBA +6.8%), Cheetah Mobile (CMCM +5.8%), NQ Mobile (NQ +5.4%), 500.com (WBAI +5.6%), Baozun (BZUN +6.7%), and Xunlei (XNET +6.8%).
• ETFs: CQQQ, KWEB, QQQC-OLD, EMQQ