Business Maverick: Chinese Stocks in US Soar, Heading for Best Month on Record

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Chinese stocks listed in the US are surging for a fourth day on Tuesday, a spectacular change in fortunes just weeks after pessimism toward the group peaked following the Communist Party Congress.

The Nasdaq Golden Dragon China Index of 65 Chinese stocks jumped as much as 8.5% shortly after the open. Internet giants from Alibaba Group Holding Ltd., Pinduoduo Inc. and JD.com Inc. all gained at least 9%, while Tencent Music Entertainment Group surged 22% after posting better-than-expected earnings.

A triple dose of positive news is boosting bruised Chinese stocks. Investors see warmer ties between the world’s two largest economies after Xi Jinping and Joe Biden’s meeting at the Group of 20 summit, boosting the outlook for trade. At the same time, China’s supportive measures to its ailing property sector and the loosening of some Covid restrictions have given investors other reasons to cheer.

 

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