Bull market draws Chinese investors to US

Chinese investors are attracted to US stock markets by their reputation as breeding grounds for high-tech superstars, and also by the nation’s prolonged bull market, according to a first-time survey by a group of Chinese financial technology and information companies. The US has long been a preferred listing ground for many of China’s high-tech startups, partly due to difficulties those companies faced listing at home in the past, according to Caixin. With the exception of social networking giant Tencent, all of China’s major internet players are listed in New York City, including leaders Alibaba, Baidu, JD.com and NetEase. Those big names are some of the most popular picks for the estimated more than one million Chinese investors who now buy US stocks, according to the survey. When asked what stocks they were most likely to buy in the next year, the most popular pick was Alibaba, which attracted 56% of respondents. Alibaba rival JD.com was the second-most popular with 29%.