Chinese technology stocks extended gains Tuesday, as investors continued to react to President Xi Jinping‘s supportive stance toward the private sector demonstrated at Monday’s high-level business symposium.
What Happened: By 11:59 a.m. Hong Kong time, the Hang Seng Index had surged 2.5% to 23,080, and mainland China’s CSI 300 Index had advanced 0.40% to 3,963. Alibaba Group Holding Ltd. BABA BABAF surged 4.34% to HKD 127.50 ($16.39), while Xiaomi Corp. XIACY climbed 5.87% to HKD 47.80 ($6.14).
Tencent Holdings Ltd. TCEHY rose 3.42% to HKD 510.50 ($65.62), as JD.com Inc. JD added 0.95% to HKD 158.60 ($158.60) and Baidu Inc. BIDU gained 1.06% to HKD 90.80 ($11.67).
Why It Matters: The market enthusiasm follows Xi’s Monday meeting with prominent business leaders, including Alibaba founder Jack Ma‘s first major public appearance with top leadership since Beijing’s 2020 tech crackdown.
The gathering, which included executives from Xiaomi, Huawei, and BYD Co. BYDDF, comes amid escalating U.S.-China tensions, with recent retaliatory tariffs and export controls on critical minerals affecting both nations.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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