Alibaba and many U.S.-listed Chinese stocks were rallying Tuesday amid protests in China against Covid-19 restrictions. Markets see the bull case in a situation that could lead to a wider reopening in the world’s second-largest economy.

Protests have erupted in dozens of Chinese cities and across university campuses in recent days as citizens lash out against the government’s severe stance against Covid-19. 

Alibaba and other stocks were poised to move one way or another on what’s happening in China since the news is too big to ignore. Now it seems investors are seeing the bull case in which protests could accelerate the easing of restrictions, providing fuel to the stock market gains that have reinvigorated investors so much of late.

The protests could lead to a continuation of the rally that lately has rejuvenated China investors.