Meanwhile, US-listed Chinese stocks gained overnight, with technology names including Alibaba Group Holding and Pinduoduo leading the way. The Nasdaq Golden Dragon China Index rose 3.9% on Tuesday. The CSI 300 rose as much as 0.3% in early trading on Wednesday.
Chinese state-backed funds’ intervention in domestic stock markets Tuesday is rekindling hope that a bottom is near for the nation’s battered equities.
The CSI 300 Index ended down just 0.6% at the close on Tuesday, paring an earlier slump of 2.4%, which was its biggest intraday drop since August.
State-related funds entered the market to buy local shares in the afternoon session, according to two people with direct knowledge of the matter, who asked to not be identified because the matter is private.
