Chinese Stocks in U.S. Roar Back on Government’s Pro-Market Pledge

(Bloomberg) — U.S.-traded Chinese stocks soared the most since at least 2001 after Beijing vowed to keep its stock market stable, halting a sharp sell-off in which the shares lost more than $200 billion in value in just three days.

The Nasdaq Golden Dragon China Index jumped 33% Wednesday after officials promised to ease a regulatory crackdown and support property and technology companies. Alibaba Group Holding Ltd. rallied 37% in its biggest gain since its trading debut in September 2014, adding $76.5 billion in market value — and matching the amount it added on the day it started trading in New York. JD.com Inc. and Didi Global Inc. each gained at least 39%.