What happened 

Shares of GDS Holdings Limited (GDS -1.40%), a Chinese data center company, were spiking today as COVID-related protests have popped up across the country.

Chinese citizens are protesting China's strict zero-COVID policies, and some investors are optimistic that the pushback could eventually cause the Chinese government to back away from some of its coronavirus restrictions. 

The tech stock was up by 15.8% as of 10:34 a.m. ET.

So what 

The share prices of lots of Chinese stocks plummeted yesterday as unrest spread across parts of China, but investors now appear to be hopeful that the protests could encourage the Chinese government to back away from its lockdown policies. 

Chinese companies have experienced lots of share price volatility and have had to deal with significant business disruptions, as the government has forced many people into lockdowns and other restrictions since the pandemic began. 

GDS Holdings' stock has been volatile in part because of the restrictions and is down a staggering 75% over the past 12 months. 

Now what 

While GDS Holdings investors were optimistic today, they may want to temper some of that enthusiasm. The Chinese government hasn't made any announcement about stopping or slowing down its zero-COVID policies.

Additionally, the company didn't exactly deliver strong results in the third quarter (ending Sept. 30). The company reported its latest results just last week, with revenue increasing by 14.9% to $332.8 million, but the company's net loss widened to $47.7 million. That caused the company's share price to plummet about 14% during the trading day and shows just how volatile this tech stock can be.

All of this means that investors may want to be cautious before getting too optimistic about GDS Holdings' share price rise today.