As the new Chinese foreign minister seeks to improve relations with the United States, Alibaba and Pinduoduo are growing.

The year 2023 got off to a strong start for Chinese internet giants including Alibaba (NYSE:BABA), Pinduoduo (NASDAQ:PDD), and Tencent Holdings (OTCPK:TCEHY), as Beijing's new foreign minister declared his desire to strengthen ties with the United States.

Prior to his elevation last Friday, Qin Gang served as China's ambassador to the United States for 17 months. On Monday night, he declared in a tweet that he will pursue closer connections with the United States as director of China's international governmental affairs. Following a time of tension between the two nations over problems including COVID-19 rules, the potential use of American technology by the Chinese military, and ongoing supply chain delays affecting goods created for tech giants like Apple (AAPL) and Intel, Qin was appointed (INTC).

Investors demonstrated their support for many of China's top IT leaders as Qin expressed hope for improved relations with the United States.

Pinduoduo (PDD) increased by more than 6%, Tencent Holdings (OTCPK:TCEHY) increased by over 5%, and Alibaba (BABA) gained 5.6% to start the year.

JD.com (JD), up 3.7%, Baidu (BIDU), up almost 6%, NetEase (NTES), up 6.3%, and Weibo (WB), up 7.5%, were other gainers.

Additionally, the KraneShares CSI China Internet ETF (KWEB) saw gains of almost 6%.

The Chinese Internet and e-commerce behemoth, Alibaba (BABA), lost more than $80 billion in market capitalization the previous year.