Chinese ADRs surge as Nasdaq Golden Dragon Index jumps 3.89%

U.S.-listed Chinese stocks rallied on May 13, 2026, with the Nasdaq Golden Dragon China Index rising 3.89% as technology and internet names led gains. VNET Group surged 25%, Kingsoft Cloud rose 17%, Hesai gained more than 12%, Meituan advanced 9%, and Alibaba climbed more than 8%. Broader U.S. equities were mixed. The Nasdaq Composite rose 1.2% and the S&P 500 gained 0.58%, both closing at record highs, while the Dow Jones Industrial Average fell 0.14%. Alphabet rose nearly 4%, while Tesla, Nvidia and Meta each gained more than 2%. The rally came as the U.S. Senate voted 54-45 on May 13, 2026, to confirm Walsh as the next Federal Reserve chair. U.S. producer prices rose 6% year over year in April, the fastest pace since December 2022, and increased 1.4% month over month, above expectations. CME FedWatch data showed a 99% probability the Fed will hold rates steady in June and July.