Chinese tech stocks, including beaten-down names like Alibaba, rallied this week, hitting highs not seen in more than a year.
It comes after China's central bank announced measures to stimulate the world's second-largest economy would be coming. Alibaba closed above $100 per share for the first time since August last year in the U.S. on Thursday. Tencent's stock closed at its highest level in more than two-and-a-half years. Chinese tech stocks, including beaten-down names like Alibaba, rallied this week, hitting highs not seen in more than a year after China's central bank announced measures to stimulate the world's second-largest economy.The Hang Seng Tech Index in Hong Kong, which contains most of the big Chinese tech stocks, closed up nearly 6% at its highest level since early August 2023. The index is up 20% this week.closed above $100 per share for the first time since August last year in the U.S.
These measures have been declared in the hope of boosting the Chinese economy. Prior to the cuts, investors had been cautious on Chinese tech stocks like Alibaba and Meituan which are sensitive to the economy and consumer in China.on Thursday that, after the U.S. Federal Reserve cut interest rates this month, he bought more Chinese stocks including names like Alibaba and Baidu.