Chinese Stocks Surge in US as Vaccine Drive Fuels Reopening Bets

  • In Business
  • 2022-11-29 09:18:41Z
  • By Bloomberg

(Bloomberg) -- Chinese stocks listed in the US extended gains in premarket trading as officials vowed to speed up Covid shots for the elderly and to avoid excessive restrictions, fueling a new round of bets that Beijing is bending to pressure for an economic reopening.

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The exchange-traded KraneShares CSI China Internet Fund, which holds more than 40 Chinese stocks, advanced 6.5%. E-commerce giants Alibaba Group Holding Ltd. and Inc. each rose at least 5.5%. Stocks that are set to gain strongly from reopening, such as online travel agency Group Ltd. and Yum China Holdings Inc., also rallied.

China said it will bolster vaccinations among senior citizens, a move seen by health experts as crucial to reopening, even though the government stopped short of issuing mandates to help raise inoculation rates. The country's top health officials also warned against any excessive control measures during a briefing, while saying China is constantly adjusting its Covid policies.

The statements came after protesters took to the streets across China over the weekend in a rare act of defiance against the government and its Covid Zero strategy. The demonstrations were muted on Monday after authorities deployed a heavy police presence in major cities and localities pared back some Covid restrictions, soothing concerns that a long-lasting protest may prompt a crackdown.

Tuesday's gains in US-listed Chinese stocks are set to add to a 2.8% advance in the Nasdaq Golden Dragon China Index on Monday. The benchmark is up 23% in November, heading for its biggest monthly gain on record.

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©2022 Bloomberg L.P.


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