China's Stock Market Surges as Government Increases Stock Buys
Chinese tech stocks, including Baidu, Nio, and XPeng, surged amid rumors of Chinese government intervention to support the stock market. President Xi Jinping's administration is reportedly planning to address short-selling and increase state-controlled investment in Chinese companies. While this news led to a short-term stock price increase, concerns remain about the long-term economic fundamentals in China. Baidu stands out as a solidly profitable and undervalued option compared to Nio and XPeng, which continue to face rising losses despite increasing sales.