After China’s central bank announced steps to boost the country’s economy, which is the second largest in the world, Chinese tech stocks, including battered names like Alibaba, rebounded this week and reached highs not seen in almost a year.
At its highest point since early August 2023, the Hong Kong-based Hang Seng Tech Index, which comprises the majority of the major Chinese tech equities, closed up about 6%. This week, the index has increased by 20%.
Alibaba’s share price in the United States ended above $100 on Thursday, marking the first time since August of last year, following a 10% increase during trading.
The company’s Hong Kong-listed shares closed at 102.50 Hong Kong dollars on Friday, up over 5%, the highest closing since February 2023. Approximately 18% of the e-commerce behemoth’s shares are held in Hong Kong.
Source (CNBC)
