Chinese tech giants are witnessing a dream start to the year
The Nasdaq Golden Dragon China Index — a popular index tracking Chinese firms listed in the United States — soared 13% in the first two trading days of 2023, marking its best start to a year on record, according to data compiled by Refinitiv dating back to 2003. US-listed shares of Chinese e-commerce firms Alibaba\n \n , JD.com\n \n and Pinduoduo\n \n added $53 billion to their combined market value on Wednesday. So far this week, their market cap has increased by nearly $70 billion.
In 2021 and 2022, the Nasdaq Golden Dragon China Index plummeted 46% and 25% respectively. Ant’s fundraising plan The China Banking and Insurance Regulatory Commission has approved an application by Ant to expand its registered capital from $1.2 billion to $2.7 billion, according to a government notice issued late last week. After the fund raise, Ant will control half of its key consumer finance unit, while an entity controlled by the Hangzhou city government will own a 10% stake.
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