Nasdaq Golden Dragon China Index closes up 0.8%, down 5.5% for the week

The split between the index's modest daily gain and its steep weekly decline points to a rebound that barely dents the broader pullback in Chinese ADRs. The dispersion is the real story: hardware names like Lenovo and ASE sold off harder than consumer-internet platforms such as Tencent and Alibaba, while Yum China and Pinduoduo outperformed — suggesting rotation within the group rather than uniform sentiment. The divergence between the CQQQ ETF's decline and KWEB's flat close reinforces that composition, not a single macro signal, is driving outcomes. Whether hardware-linked names keep underperforming consumer-facing ones is the open question.