The return of the stellar investor sparked a rally in Chinese tech banknotes in the United States on Tuesday.
After these stocks suffered badly from a Chinese regulatory attack in the past few weeks and months, bargain hunters suddenly sensed new opportunities in Nasdaq securities. Thus, they contributed to the continuous record rise of the Nasdaq indices.
Above all, Pinduoduo and JD.com shares on Nasdaq rose 22.25 percent to $99.12 and 14.44 percent to $75.22, respectively. Shares of both e-commerce platforms benefited from strong quarterly numbers, and JD shares followed the strong gains of the two Hong Kong e-commerce platforms. There, shares of private equity firm Tencent rose about 9 percent on Tuesday after it announced a share buyback. She added that this boosted confidence in Chinese stocks again.
The impetus for the rebound recovery is that star investor Cathy Wood is again believing in JD stock through her flagship fund, Ark Innovation. She added that there were no signs of relaxation regarding the regulators, but that the situation was now calm on the matter for a few days. Wood had pulled out of the papers due to the risks of a Chinese regulatory attack. From a record high of $108 in February, JD shares have lost more than 40 percent of their value to a recent low of just under $62.
In addition to the aforementioned favorites, investors cheerfully grabbed a whole bunch of Chinese stocks with US banknotes on Tuesday — at least for the time being. Shares of search engine Baidu.com rose 8.63 percent to $155.08 on Nasdaq, while newspapers for online retailer Alibaba closed on the New York Stock Exchange 6.77 percent higher at $171.97. Netease Tech titles also rose 8.97 percent to $92.65.
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New York (dpa-AFX)
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