Chinese tech stocks rally as JD.com surges 13%, Tencent climbs 7%
Summary
GUANGZHOU, China — Hong Kong-listed Chinese tech stocks staged a huge rally Tuesday as investors got a little more clarity on the regulatory outlook and bought some of the names that have taken a beating in recent months. A positive set of earnings from Chinese technology giants also added to the bullish sentiment. Tencent shares rallied 7%, food delivery giant Meituan was around 12% higher, while Alibabas Hong Kong-listed stock popped 7%. Cathie Woods Ark Investment Management also snapped up 164,889 of JD.coms American depository receipts (ADRs) on Monday. Last week, the tech-heavy Hang Seng index slipped into bear market territory, dropping more than 20% from its mid-February peak.
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AI & Machine learning
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Tencent
$1B+