Chinese internet stocks in Hong Kong continue to rise on the back of anticipation for regulatory relief1 min read
Shares of Chinese technology businesses jumped in Hong Kong trade on Wednesday, with the Hang Seng Tech index rising roughly 2%.
Since the release of a state media storey last Wednesday expressing support for Chinese equities, Hong Kong stocks have been on a general upward trend.
Positive earnings reports and announcements of share buybacks by companies like Xiaomi and Alibaba are also likely to have boosted investor confidence.
Shares of Chinese internet behemoths surged in Hong Kong on Wednesday, following an upward trend that began about a week ago. According to Tai Hui of JPMorgan Asset Management, the government’s regulatory measures have weighed on Chinese markets. Xiaomi also reported a 21.4 percent year-on-year increase in fourth-quarter sales.