Traders work on the floor of the New York Stock Exchange (NYSE) in New York, the United States, on March 10, 2022.Photo:Xinhua

US-traded Chinese firms made a breathtaking comeback on Wednesday, with the keenly watched NASDAQ Golden Dragon China Index posting a record 32.93 percent jump, after a key financial meeting moved to tackle concerns over the prospects of China's economy, stocks and platform firms.

In a sign of the stunning reversal, more than 15 Chinese stocks soared over 50 percent in US trading, regaining $249.2 billion in market capitalization overnight, media reports said.

On the back of positive momentum, Chinese concept stocks led a rally across the US market. 

The Federal Reserve on Wednesday announced a rate hike of 25 basis points at the end of a two-day policy confab, the first rate increase since 2018 amid runway inflation, in line with previous market estimates. 

The gains spanning US-traded Chinese businesses continued a massive intraday reversal across the Chinese mainland and Hong Kong markets, with major indices notably the Hang Seng TECH Index closing impressively higher.

The Hang Seng TECH Index, which had been rocked by amid risk contagion from a rout gripping Chinese concept stocks on US exchanges, scaled a record single day rally of 22.2 percent.

The surge continued into Thursday, with the Hang Seng TECH Index opening about 11 percent higher. 

The State Council's Financial Stability and Development Committee convened a meeting on Wednesday, in which the top financial oversight body vowed to address recent market concerns, including seeking cooperation with relevant US authorities to tackle issues related to US-listed Chinese stocks.

The meeting stressed that Chinese and US regulators have maintained good communication and have made progress on forming specific cooperation mechanisms to resolve pressing concerns. The Chinese government continues to support all types of enterprises listing overseas.


Global Times