Chinese Stocks Have Banner Year, Gaining Nearly $5 Trillion
The Wall Street Journal – Chinese stocks have gained nearly $4.9 trillion in value this year, aided by the country’s rapid recovery from the new coronavirus, a string of initial public offerings, and a blistering rally in shares of consumer and technology companies. Chinese businesses listed on exchanges from New York to Shanghai have added 41% to $16.7 trillion, according to S&P Global Market Intelligence data for the year through Dec. 22. That outpaces a 21% run-up for American companies to $41.6 trillion.
“It’s been a very strong year” for China, said Brendan Ahern, the chief investment officer for KraneShares in New York. He said the country’s economic rebound, global investors’ appetite for high-growth stocks, and a robust IPO market had all worked in China’s favor: “The end result is a pretty dramatic growth in the size of capital markets.”
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