On Tuesday, the Nasdaq Golden Dragon China Index jumped more than 2%, fueled by a strong start for popular China concept stocks. Kingsoft Cloud Holdings Ltd (KC.US) soared over 17%, while GDS Holdings Ltd (GDS.US) gained more than 12%. Pony.ai Inc (PONY.US) climbed over 8%, and Alibaba Group Holding Ltd (BABA.US) as well as Baidu Inc (BIDU.US) both advanced over 6%.
In the background, China's National Bureau of Statistics reported preliminary GDP for the first half of the year at 66.0536 trillion yuan, reflecting a 5.3% year-on-year increase at constant prices. Goldman Sachs added that China's intensified efforts to curb fierce price competition could trigger positive market reactions and potential price recoveries for these equities.
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