China Tech Stocks Rally as Cathie Wood Joins Bargain Hunters
- Ark Investment Management buys ADRs of JD.com after results
- Shares of heavyweights Tencent, Alibaba and JD.com all surge
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Chinese technology stocks rallied for a second day as bargain hunters returned, emboldened by Tencent Holdings Ltd.’s share buyback and strong results from JD.com, which drew Cathie Wood back into the market.
The Hang Seng Tech Index advanced more than 7%, adding to a 2% gain on Monday, after a five-week rout that took the gauge to the lowest level since its inception last year. Heavyweights Tencent and Alibaba Group Holding Ltd. climbed 8.8% and 9.5%, respectively. Meanwhile, in New York, the Nasdaq Golden Dragon China Index jumped 8% to close higher for a third straight session.