: China stocks enjoy big, broad rally as Shanghai moves toward lifting COVID lockdown measures

Meanwhile, the S&P 500 index
SPX,
-0.31%
shed 0.9% and the Nasdaq Composite Index
COMP,
-0.05%
lost 0.8%.

The PGJ’s most active component was electric vehicle-maker NIO Inc.’s stock
NIO,
+6.25%,
which ran up 4.3%. It has soared 18.1% amid a four-day win streak, and has rocketed 36.0% since closing at a 22-month low of $12.71 on May 11.

Also seeing heavy trading, shares of KE Holdings Inc.
BEKE,
+11.27%
shot up 10.9% after the housing transactions platform reported a wider-than-expected first-quarter loss but revenue that beat forecasts, while ecommerce giant Alibaba Group Holding Ltd.’s stock
BABA,
+4.25%
rallied 3.2%.

Shanghai authorities said they will take measures on Wednesday to reopen Shanghai, China’s largest city, as the Associated Press reported. That fueled investor optimism for a quick rebound in country’s economy, which is the world’s second largest.

Among some other more-active American depositary shares (ADS) of China-based companies, Pinduoduo Inc.
PDD,
+7.18%
ran up 5.9% toward a three-month high, and have soared 38.4% amid a four-day win streak. Benchmark analyst Fawne Jiang reiterated the buy rating and $85 stock price target, which implied about 66% upside from current levels, after the mobile marketplace had reported on Friday big profit and revenue beats for its first-quarter.

Elsewhere, the ADS of iQIYI Inc.
IQ,
+2.39%
rose 1.8%, JD.com Inc.
JD,
+6.33%
climbed 5.7%, DiDi Global Inc.
DIDI,
+2.24%
tacked on 0.5%, Tencent Music Entertainment Group
TME,
+2.69%
advanced 2.3% and Bilibili Inc.
BILI,
+10.45%
jumped 8.6%.

The Golden Dragon China ETF has dropped 21.9% year to date, while the S&P 500 has lost 13.6% and the Nasdaq has tumbled 23.1%.