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The Nasdaq Golden Dragon China Index initially rose by 0.4%. Popular Chinese concept stocks Alibaba and Li Auto initially rose by about 1.1%, while XPeng, JD.com, Tencent ADR, Bilibili, Pinduoduo, Xiaomi ADR, YUM China, Baidu, and New Oriental rose by more than 0.9% at most. NetEase fell by more than 0.2%, Nio dropped by 2.1%, and Pony.ai fell by 5.2%