Nasdaq Golden Dragon China Index Rises 2% as Chinese ADRs Rally

The rally is broad across consumer and EV names but notably uneven, with Alibaba and ASE Technology moving against the index — a sign this is stock-specific rotation rather than a uniform China re-rating. The divergence between CQQQ and KWEB, both barely changed while ADRs jumped, suggests the move is concentrated in individual names rather than ETF-level flows. Whether that dispersion persists, or the laggards catch up, is the open question for gauging conviction behind the bounce.