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[$$] China’s Night Traders Are Moving U.S. Stocks

When a U.S. activist fund accused 3½-year-old Chinese retailer Pinduoduo Inc. in November of inflating its sales, shares in the Nasdaq-listed company jumped. One reason: a growing horde of Chinese investors who are contributing to large price moves and unusual trading patterns in some U.S. stocks. Many are young, tech-savvy individuals who stay up late to trade using mobile apps, and who prefer the unfettered nature of U.S. markets to more restrictive conditions in mainland China.