Is it time to buy BABA stock?

$Alibaba(BABA.US)$ stock is making a break for it in Wednesday's premarket with BABA soaring by as much as 20% in early light trading. Chinese tech stocks are one of the most beaten-down sectors of the market this year as investors bailed out over continued regulatory fears and delisting woes. This led many top Chinese tech names to also list in Hong Kong, but even that did not seem to stem the flow of selling. Now, however, things may be due to a turnaround as Chinese regulators make encouraging statements about investment and capital markets.
China's State Council Financial Stability & Development Committee (FSDC) said on Wednesday that it supports capital markets and welcomes institutional investors to increase their holdings. Bloomberg has gone into further detail saying China's top financial body has sworn to ensure stability in capital markets and support overseas stock listings. The last statement is likely the most important one and removes some of the delisting fears that were swirling around BABA stock and other Chinese names. The Central Bank of China's governor also said the People's Bank of China would help implement the policies.