Golden Dragon China ETF pulls back after record monthly rally in November

The Invesco Golden Dragon China ETF
PGJ,
-1.82%
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
ES00,
+0.44%
for the S&P 500
SPX,
+0.23%
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
XPEV,
-7.86%,
which dropped 6.0% after rocketing a daily record 47.3% on Wednesday. Elsewhere, shares of Nio Inc.
NIO,
-4.54%
fell 2.0%, Alibaba Group Holding Ltd.
BABA,
-3.09%
shed 2.5%, Li Auto Inc.
LI,
+0.23%
gave up 3.6%, Tencent Music Entertainment Inc.
TME,
-1.21%
declined 0.9% and Pinduoduo Inc.
PDD,
-1.55%
was down 2.3%.