On Monday, the Nasdaq Golden Dragon China Index climbed over 3%, with popular Chinese concept stocks rallying broadly. Bilibili Inc. (BILI.US) and XPeng Inc. (XPEV.US) rose nearly 8%, while Alibaba Group Holding Ltd. (BABA.US) and PDD Holdings Inc. (PDD.US) gained more than 5%. Kingsoft Cloud Holdings Ltd. (KC.US) advanced 5%, and Chagee Holdings Ltd. (CHA.US) and Hesai Group (HSAI.US) each rose over 4%.

The three major U.S. stock indices all moved higher during intraday trading, with the Dow Jones Industrial Average up 1.22%, the Nasdaq up 1.33%, and the S&P 500 up 1.04%.