Alibaba Group Holding Ltd. led Chinese tech stocks higher on Thursday as investors repositioned ahead of its quarterly results, though caution remained about a number of roadblocks ahead.

Shares of the e-commerce giant gained 5.2% in Hong Kong, among the best performers on the Hang Seng Tech Index, which advanced as much as 3.2%. The stock rose for two consecutive days, after a visit to Taiwan by US House Speaker Nancy Pelosi sent broader markets tumbling this week.