US Stock Market Move | Most popular Chinese concept stocks are up, with Baidu Inc Sponsored ADR Class A (BIDU.US) rising nearly 10%.

On Wednesday, the NASDAQ Golden Dragon China Index surged more than 2%, with most popular Chinese concept stocks rising. Baidu Inc Sponsored ADR Class A (BIDU.US) climbed nearly 10%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose over 6%, Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) increased by over 4%, PDD Holdings Inc. Sponsored ADR Class A (PDD.US), and Bilibili, Inc. Sponsored ADR Class Z (BILI.US) all rose over 3%, while JD.com, Inc. Sponsored ADR Class A (JD.US) rose more than 2%. Additionally, the Shanghai Composite Index closed up 1.17% and the Hang Seng Index closed up 1.22%. On the news front, Jean-Marie Mercadal, CEO of New Horizon Asset Management, said he is very optimistic about Chinese stocks as their valuations are still attractive compared to U.S. stocks, and global investors are still underweight. He believes that as Chinese stocks continue to perform well, international investors will return to the Chinese market. At the same time, Chinese retail investors have accumulated a large amount of savings in the past few years, and with low interest rates in China, it is believed that retail investors will be the driving force behind Chinese stocks, pushing the stock market higher in the second half of the year.