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.
