US Stock Market Move | Popular Chinese concept stocks collectively rose sharply, with New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) jumping more than 8%.

On Wednesday, the Nasdaq Golden Dragon Index rose by 2.25%, with popular Chinese concept stocks showing collective strength. New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) rose by over 8%, TAL Education Group Sponsored ADR Class A (TAL.US) rose by over 6%, 17 Education & Technology Group Inc. (YQ.US) rose by over 5%, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) rose by over 4%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose by over 2%. In addition, the Shanghai Composite Index rose by 1.22% intraday, while the Hang Seng Index rose by 1.84%. On the news front, according to Caixin, industry insiders stated that in view of increased external volatility in the recent period, it is expected that the central bank will pay more attention to maintaining ample market liquidity and stabilizing market expectations. Industry insiders predict that the central bank may implement a new round of reserve requirement cuts in the fourth quarter.