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U.S.-Listed Chinese Stocks Post Biggest One-Day Surge Since 2008 – Yahoo Finance

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(Bloomberg) — Chinese companies listed in the U.S. rebounded Thursday after a five-day slump as investors piled back into stocks hurt by Beijing’s crackdown this year.

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The Nasdaq Golden Dragon China Index rallied 9.4%, its largest climb since 2008. Electric-vehicle maker Nio Inc. and Tencent Music Entertainment Group were among some of the best performers Thursday, climbing 15% each. Alibaba Group Holding rose 9.7%, while Tal Education Group advanced 15%.

“It’s finally time to buy Chinese equities,” Vital Knowledge analyst Adam Crisafulli wrote in a research note. The Nasdaq Golden Dragon China Index is back at levels that have acted as solid support going back over the last several years, he said.

U.S.-listed Chinese stocks have experienced a brutal selloff in 2021 as regulators in Beijing mounted a sweeping crackdown on the nation’s companies. That rout erased more than $1 trillion in value since February as authorities in the U.S. and China continued to put pressure on the firms. Despite Thursday’s rally, the group is still down about 42% this year and about 57% lower from its February peak.

Matt Maley, chief market strategist at Miller Tabak + Co. is staying cautious. While some of the declines earlier this week might be due to institutions selling their worst performers at the end of the year, he’s still wary about potential regulatory uncertainties.

“Even though the New Year should take some selling pressure off these names, there is too much uncertainty for U.S. investors to move back into these stocks in a meaningful way,” he said.

(Updates with closing prices throughout.)

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©2021 Bloomberg L.P.

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