Shares of several Chinese companies, including Alibaba Group Holding Ltd - ADR (NYSE:BABA) and DiDi Global Inc - ADR (NYSE:DIDI), are trading higher following news indicating China's state-backed investment funds may be buying local shares to help stem the recent declines.
Bloomberg reported that Chinese state-backed funds intervened in the stock market during Tuesday trading in China. The intervention, Bloomberg says, helped the Benchmark CSI 300 index stage a strong recovery from its biggest intraday drop since August 2021.
