(Bloomberg) -- Chinese technology stocks listed in the U.S. are signaling a third day of gains in premarket trading after peers in Asia rallied on improved risk appetite.
Shares in Pinduoduo Inc. rose 5.2% as of 5:34 a.m. in New York, while Alibaba Group Holding Ltd. climbed 4.9%. Other technology shares including Baidu Inc., Bilibili Inc. and DiDi Global Inc. were among American depositary receipts rising.
Chinese technology stocks rebounded from a record low in Hong Kong on Thursday amid signs of renewed interest in one of China’s biggest tech names. Charlie Munger’s Daily Journal Corp. was reported to have increased its Alibaba stake by 83% last quarter.
The Nasdaq Golden Dragon China Index -- which tracks several firms listed in the U.S. that conduct a majority of their business in China -- has also climbed for the past two days. Yet despite this week’s brief respite, the gauge remains deeply in the red year-to-date, having fallen 35%.
Chinese assets have come under pressure amid a government crackdown on various sectors from technology to property and tutoring as part of President Xi Jinping’s campaign for “common prosperity.”
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