U.S.-Listed China Firms Get Boost as State Funds Buy Stocks

(Bloomberg) — Chinese stocks listed in the U.S. are finally getting a much-needed dose of good news after state-backed funds were said to have entered the local market to buy shares to help stem declines that have accelerated in recent weeks.

American depositary receipts of large-cap technology stocks surged, with Alibaba Group Holding Ltd., JD.com Inc. and Pinduoduo Inc. gaining at least 1% Tuesday. Meanwhile, shares of embattled ride-hailing firm DiDi Global Inc. and search engine giant Baidu Inc. each rose by about 1% or more.