Alibaba's stock ($BABA) has surged significantly, reaching new yearly highs and trading at $118 within 24 hours. This dramatic increase is part of a broader rally in Chinese stocks, fueled by government stimulus measures. The rally has resulted in substantial losses for traders shorting US-listed Chinese stocks, with an estimated $7 billion in mark-to-market losses, according to S3 Partners. Alibaba's stock is up 45% over the last month and has continued to rise in after-hours trading, reaching 116s and 119.80.