The U.S.-listed shares of China-based companies were seeing big and broad gains in premarket trading Friday, after Reuters reported that China's central bank accepted Ant Group's application to set up a financial holding company. That fueled hopes that China's regulatory crackdown was easing. The iShares China Large-Cap exchange-traded fund /zigman2/quotes/208670743/composite FXI +0.57% jumped 4.1%. Among the more-active China American depositary shares (ADS), shares of Alibaba Group Holding Ltd. /zigman2/quotes/201948298/composite BABA -0.11% shot up 9.3%, NIO Inc. /zigman2/quotes/204905836/composite NIO +1.39% ran up 5.1%, JD.com Inc. /zigman2/quotes/205122565/composite JD +0.19% climbed 9.2%, Pinduoduo Inc. /zigman2/quotes/208876581/composite PDD -1.65% powered up 6.8% and XPeng Inc. /zigman2/quotes/219982686/composite XPEV -0.81% hiked up 6.7%. The FXI ETF has gained 0.1% over the past three months through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.73% has dropped 16.9%.