The Invesco Golden Dragon China ETF started December with a pullback, after enjoying a record monthly rally in November amid increasing signs that China was starting to back off from the zero-COVID policy. The ETF, which tracks American depositary shares (ADS) of China-based companies that only list in the U.S., slipped 0.9% in premarket trading Thursday, after running up 9.6% on Wednesday and 41.8% in November. The pullback comes as futures for the S&P 500 tacked on 0.4%, after the index jumped 3.1% on Wednesday. The Golden Dragon ETF’s biggest decliner ahead of Thursday’s open was electric vehicle maker XPeng Inc.’s stock , which dropped 6.0% after rocketing a daily record 47.3% on Wednesday. Elsewhere, shares of Nio Inc. fell 2.0%, Alibaba Group Holding Ltd. shed 2.5%, Li Auto Inc. gave up 3.6%, Tencent Music Entertainment Inc. declined 0.9% and Pinduoduo Inc. was down 2.3%.
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