Alibaba and JD.com’s U.S.-listed shares have fallen following a massive rally in Chinese technology.

Alibaba

and other Chinese tech behemoths listed in the United States traded lower early Friday, but only after rising the day before in an attempt to recover from a rough year.

After finishing with a nearly 10% rise on Thursday, Alibaba (ticker: BABA) dipped 1.1 percent in premarket trade on Friday.

JD.com

(JD) fell 1.6 percent after rising 7.3 percent the day before.

Baidu

(BIDU) fell 0.9 percent after gaining 10.5 percent in the previous session, and

Bilibili

(BILI) fell 2.6 percent after increasing more than 12 percent the day before.

According to Bloomberg, the Nasdaq Golden Dragon China Index, which is made up of Chinese companies with equities publicly traded in the United States, surged 9.4% on Thursday, its highest level since 2008.

Alibaba gained 8.2 percent, JD.com 5.5 percent, Baidu 8.3 percent, and Bilibili 7.8 percent in a shortened Hong Kong trading session on Friday.

On Friday, the Hang Seng Tech Index, which measures Hong Kong-listed shares of China’s major technology firms, increased by 3.6 percent.

The reasons for the advances in Chinese internet and technology stocks varied, with some market participants claiming bargain-hunting and others pointing traders closing out short positions as explanations for the gains.

Regardless of the explanations, Alibaba’s shares rose off its yearly lows on Thursday. It ended the session at $122.99, up from its 2021 low of $111.96, which it reached on December 3. This year, the stock market in the United States has dropped by 47%.

As President Xi Jinping tightens his control on the country’s economy, Alibaba, like most of the rest of the Chinese technology sector, has found itself on the wrong side of authorities.

Beijing has initiated a crackdown aimed at improving online safety, antitrust, and data security legislation.