US Stock Market Move | Foreign capital giants optimistic about Chinese concept stocks, NIO Inc. Sponsored ADR Class A(NIO.US) rises over 5%

On Monday, Chinese concept stocks collectively rose. As of the filing, the Nasdaq Golden Dragon Index rose more than 1.5%, NIO Inc. Sponsored ADR Class A (NIO.US) rose more than 5%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) rose more than 4%, Li Auto, Inc. Sponsored ADR Class A (LI.US) rose more than 1.4%, Bilibili, Inc. Sponsored ADR Class Z (BILI.US) rose more than 3%, 17 Education & Technology Group, Inc. Unsponsored ADR (YQ.US) rose nearly 6%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 0.5%. On the news front, Chinese assets have become a new target for overseas funds. Wall Street hedge fund mogul David Tepper, who once boasted "buy everything Chinese," has increased the proportion of Chinese concept stocks in his portfolio, as have Appaloosa Asset Management, Soros Fund, Michael Burry's Scion Asset Management (the prototype for "The Big Short"), Oaktree Capital, the century-old asset giant Berkshire Investment, and well-known private equity firm Hillhouse Capital.