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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