US Stock Market Move | Hot Chinese concept stocks are on the rise, Baidu Inc Sponsored ADR Class A (BIDU.US) surged more than 12%

On Friday, the Nasdaq Golden Dragon China Index rose by 4% in early trading, with popular Chinese concept stocks showing strong gains. Baidu Inc Sponsored ADR Class A (BIDU.US) surged over 12%, GDS Holdings Ltd. Sponsored ADR Class A (GDS.US) rose over 8%, Netease Inc Sponsored ADR (NTES.US) rose over 6%, Bilibili, Inc. Sponsored ADR Class Z (BILI.US) rose nearly 6%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose over 4%. Additionally, the Hong Kong stock market for 2026 started with gains, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index surging by 4%. On the news front, on the morning of January 2nd, the Chinese Yuan maintained its recent strong performance, with the offshore Renminbi against the US dollar breaking through 6.97 in intraday trading, reaching a high of 6.96755, the highest level since May 2023. This is favorable for attracting capital inflows and is positive for Chinese assets.