By Jiaxing Li
Hong Kong (Reuters) – Chinese Tech shares mentioned in Hong Kong, noticed on Friday for their best weekly winning series since 2020, because profit surprises and optimism about the artificial intelligence sector worldwide in the sector names in the sector.
The Hang Seng Tech Index closed 6.5%, the best single-day win since October, to reach the highest in three years.
That cost his weekly profit to more than 6% in his sixth consecutive week of progress, the longest winning series since May 2020.
The Benchmark Hang Seng index of Hong Kong raised 4% to a highest point of three years.
Alibaba rose with 14.6% to the highest since the end of 2021, after the Chinese e-commerce giant reported better than expected income and said that it is planning to invest more in e-commerce and AI.
Lenovo rose more than 15% to almost ten years high after quarterly results had made estimates, while Xiaomi added 5.2% and hit a record high.
Chinese technical shares have been in a tear since the launch of cheap AI model Deepseek last month, which last month revived the importance of global investors in China and encouraged funds to run in the sector because of the relatively cheap ratings.
Investors bet that President Xi Jinping the rare meeting with the largest managers of the country – including the founder of Alibaba Jack Ma – can indicate a policy to you after years of harsh action against the sector, which further feeds the rally.
“There is more to go with the valuation discount to emerging markets to limit more,” said HSBC analysts in a note, also with reference to the return of the burglaries of foreign investments during the past two weeks.
On Friday, onto on Friday, with the Bluechip CSI 300 index with 1.3% and the Shanghai Composite Index climbs with 0.9%. Both benchmarks have been at the highest level since the end of December.
The Tech Rally of China has contributed to adding more than $ 1.3 trillion to the onshore and offshore stock markets of the country in just a month, the investment flows away from India and to China, said James Cook, investment director of emerging markets Federated Hermes, adding that Chinese companies that add Chinese companies are quickly overtaking with the global AI Frenzy after missing it.
(Reporting by Jiaxing Li in Hong Kong; Edit by Sonali Paul and Janane Venkatraman)
