US Stock Market Move | Popular Chinese concept stocks collectively fell, with Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) dropping more than 4%.

On Friday, the Nasdaq China Golden Dragon Index fell by 1.8%, with popular Chinese concept stocks collectively declining. Alibaba Group Holding Limited Sponsored ADR (BABA.US) dropped by over 2%, Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) fell by over 4%, Li Auto, Inc. Sponsored ADR Class A (LI.US), UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) both fell by over 3%, and TAL Education Group Sponsored ADR Class A (TAL.US) fell by nearly 1%. In addition, the Shanghai Composite Index fell by 0.65% and the Hang Seng Index fell by 1.35% intra-day. In terms of news, the US Dollar Index has been steadily strengthening recently, breaking through 98 last night, and global risk appetite continues to cool. Guotai Haitong pointed out that the Chinese stock market will not stop here, and understanding the key driving forces of the "transformative bull" is crucial. Market adjustments are opportunities, and A/H shares are expected to reach new highs in the future.