Nasdaq Golden Dragon China Index closes up 3.6%

The breadth of this move stands out more than the headline index gain: the strongest performers are smaller, higher-beta names like 21Vianet and Autohome, while the mega-caps that anchor the group lagged well behind them. That pattern points to a risk-on rotation within Chinese equities rather than a single catalyst driving the whole complex, and the ETF moves tracking the index suggest the buying was broad rather than stock-specific. Whether the smaller ADRs hold their outsized gains, or give way to the steadier mega-cap names, is the open question worth watching next.