Yesterday, Hong Kong-listed growth stocks had a strong day, as the Hang Seng Index gained +1.75% and the Hang Seng Tech Index gained +2.59% following President Trump and President Xi’s Friday phone call that took place after Asia markets closed and before the US markets opened.

The CSI300 Index has dropped roughly 5% since Trump won the election on Nov. 5 with a threat to impose steep tariffs of 60% on Chinese goods, but had already rebounded over the past week amid gestures of goodwill between Beijing and Washington.

Chinese stocks exposed to the threat of Donald Trump’s tariffs, such as Alibaba ($BABA) and Temu ($PDD), are enjoying a reprieve as the new