Skip to content

U.S.-Listed China Firms Get Boost as State Funds Buy Stocks

  • Nasdaq Golden Dragon China Index jumps 3.9% on Tuesday
  • China’s ‘national team’ is said to have bought local shares
Updated on

Chinese stocks listed in the U.S. got a much-needed dose of good news on Tuesday after state-backed funds were said to have entered the local market to buy shares to help stem declines that have accelerated in recent weeks.

American depositary receipts of large-cap technology stocks surged, with Alibaba Group Holding Ltd. and Pinduoduo Inc. gaining 6.2% and 13% respectively. Meanwhile, shares of embattled ride-hailing firm DiDi Global Inc., search engine giant Baidu Inc. and online retailer JD.com Inc. each rose by 3% or more.