US-Listed China Stocks Erase 2023 Gains Amid Global Market Rout

Golden Dragon Index sinks 4.1%, down 20% from January high
Reopen rally wanes on bank woes, mixed earnings, policy risks

Alibaba Group Holding Ltd signage on a monitor on the floor of the New York Stock Exchange (NYSE) in New York.
Photographer: Michael Nagle/Bloomberg

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By Yiqin Shen and Henry Ren

March 15, 2023 at 4:29 PM UTC

This article is for subscribers only.

Chinese stocks in the US erased all their gains for the year as the rally driven by China’s fast reopening hit a wall of sluggish earnings and a lack of policy incentives, while fresh turmoil at Credit Suisse Group AG spurred a selloff in risk assets.

The Nasdaq Golden Dragon China Index tumbled as much as 4.1% on Wednesday, dropping to the lowest level since December. The gauge is down about 20% from this year’s high on Jan. 26. Tech-names including Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc. were among the biggest losers mid-week.