Chinese stocks listed in the United States got a needed boost of good news after state funds were said to buy shares, according to a report by Bloomberg on Tuesday.
- American depositary receipts of large-cap tech stocks, including JD.com Inc, Alibaba Group Holding Ltd, and Pinduoduo Inc all gained in after-hours trading on Tuesday.
- Meanwhile, stocks of embattled ride-hailing giant DiDi Global Inc and Baidu Inc rose nearly 2%.
- The purchases by China’s so-called national team were made after the domestic stock market reopened for trading after one week’s closure due to the annual Lunar New Year Eve.
- Before the break, the country’s benchmark equity gauge had dropped into a bearish trend on increasing concerns about the economy and the emergence of the Omicron variant.
The Nasdaq Golden Dragon China Index has tanked over 60% since soaring to a record level last year, including an 8.6% fall to start 2022. DIDI up +3.10%