The Nasdaq Golden Dragon China Index gained 6% Wednesday, putting the benchmark on pace for a 37% surge this month that has added about $177 billion in market value. Bilibili Inc., JD.com Inc. and Pinduoduo Inc. were among the biggest gainers in November, advancing at least 45% each.
November’s rally is a dramatic turnaround from October’s 25% plunge when fresh lockdowns started being implemented in China and the Communist Party Congress dashed hopes for more market-friendly policies. Strong quarterly earnings results from some of the nation’s biggest tech companies, the loosening of some of Beijing’s strict virus approach and a rescue package for the property sector has driven a reversal of bearish bets and lured investors back to the market after the selloff last month.
While the timeline of reopening remains highly uncertain, authorities have been taking incremental but clear steps toward winding down Covid restrictions. On Tuesday, markets rallied as the top health body said it will bolster vaccinations among senior citizens, while warning against any excessive control measures.
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