US Stock Market Move | Popular Chinese concept stocks generally rose, with Li Auto, Inc. Sponsored ADR Class A (LI.US) rising over 7%.

On Thursday, the Nasdaq Golden Dragon Index in China opened up by 1.6%, with popular Chinese concept stocks rising across the board. Li Auto, Inc. Sponsored ADR Class A (LI.US) increased by over 7%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose by over 6%, GDS Holdings Ltd. Sponsored ADR Class A (GDS.US) increased by over 4%, NIO Inc. Sponsored ADR Class A (NIO.US), Bilibili, Inc. Sponsored ADR Class Z (BILI.US), and Xiaoma Zhixing (PONY.US) all rose by over 3%. In terms of news, People's Bank of China Governor Pan Gongsheng stated that there is still some room for further reserve requirement ratio and interest rate cuts this year. The PBOC will also enhance the implementation and supervision of interest rate policies to promote the low operation of the social comprehensive financing cost. Luke Browne, head of asset allocation in Asia Pacific at Manulife Investment Management, indicated a preference for Chinese stocks. While he does not expect explosive returns from Chinese stocks, he believes that they present investment opportunities.