US Market Moves: Leading Chinese Equities Rally, Hesai Group Surges Over 11%

Stock News06-02 23:50

On Tuesday, the Nasdaq Golden Dragon China Index rose nearly 3% in early trading, with popular US-listed Chinese stocks experiencing a broad-based advance.

Hesai Group (NASDAQ: HSAI)

Hesai's stock price climbed more than 11%.

Alibaba (NYSE: BABA)

Alibaba's shares gained over 6%.

Li Auto (NASDAQ: LI)

Li Auto's stock also rose more than 6%.

JD.com (NASDAQ: JD)

JD.com's shares increased by over 5%.

Baidu (NASDAQ: BIDU)

Baidu's stock price advanced more than 5%.

Bilibili Inc. (NASDAQ: BILI)

Bilibili's shares were up over 3%.

In related markets, China's Shanghai Composite Index closed up 0.43%, while Hong Kong's Hang Seng Index rose 2.52% and the Hang Seng Tech Index jumped 4.72%. The positive sentiment follows recent commentary from a UBS executive at an investment forum, who highlighted strong global investor appetite for Chinese assets. The executive noted that the trend of global investors increasing allocations to China has just begun, with foreign holdings potentially surpassing previous highs seen in 2021. Four key factors were cited as driving this trend: a stabilizing and improving Chinese macroeconomic environment with positive signals like rising prices; more supportive government policies for capital markets and industries; improving overall corporate profitability; and a global search for portfolio diversification, with China's large economy and capital markets making it a preferred destination for overseas investment.

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