Chinese stocks rise as foreign giants show interest; NIO (NIO.US) up over 5%
Monday, Nov 18, 2024 10:00 am ET
1min read Chinese equities listed in the United States rallied on Monday, with the Nasdaq Golden Dragon Index up more than 1.5% as of the time of writing, NIO up more than 5%, XPEV up more than 4%, LI up more than 1.4%, BILI up more than 3%, YQ up nearly 6%, and BABA up 0.5%. On the news front, Chinese assets have become a new target for overseas funds, and David Tepper, a Wall Street hedge fund boss who once vowed to "buy everything Chinese," has raised the proportion of Chinese equities in his investment portfolio, as have Appaloosa Asset Management, the Soros Fund, Michael Burry, the inspiration for the movie "The Big Short," Oaktree Capital, Barclays, and other well-known private placements such as Hony Capital.
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