China Stocks Climb Again; Investors See More Benefits Than Risk In Covid Policy Shift

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the country's third-richest man, Tencent Holdings CEO Ma Huateng, by $11 billion since late October. Photographer: Justin Chin/BloombergStock rallies that have generated double-digit gains in China and Hong Kong benchmark indexes since the end of October continued on Friday as investors embraced hope that Beijing’s abrupt easing of zero-Covid policies will bring more economic good than harm.

The CSI 300 index closed up by 1% to 3,998.24, its best close since Sept. 15; the China benchmark index has gained nearly 14% since Oct. 31. The Hang Seng Index on Friday rose by 2.3% to 19,900.87, its best close since Aug. 31; it has soared by 35% from the end of October. Among individual gainers, China Internet heavyweight Tencent on Friday closed at its highest level since early September, gaining 2.6% to HK$325.60. The stock has shot up by more than 60% since Oct. 28, adding $11 billion to the fortune of CEO Ma Huateng, China’s third-richest man. Ma was worth $35 billion on the Forbes Real-Time Billionaires List today.

The country’s unpopular zero-Covid testing rules are winding down after rare public protests in major cities last month, weakening economic growth, and complaints by foreign business groups. Violent protests tied to pandemic measures and a labor dispute at a massive iPhone plant in Zhengzhou run by Taiwan-headquartered Hon Hai Precision have reinforced pressure on multinationals to diversify supply chains from the country.

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