Most read from Bloomberg E-commerce giant JD.com Inc. was among the top winners in the group, recording an increase of up to 17%. Peers Alibaba Group Holding Ltd. and Pinduoduo Inc. both scored 13%. The recovery from US Treasury bills came after a 10% rise in the Hang Seng Technology Index, the best performance of a day since Beijing pledged to stabilize financial markets on March 16. Relaxation bets push for dizzying jump in Chinese tech stocks The Politburo of the Chinese Communist Party has pledged to achieve its economic goals and support the healthy growth of online platform companies, according to a statement following a quarterly financial meeting chaired by President Xi Jinping. Officials have vowed to speed up the implementation of supportive measures, including tax cuts and fee cuts, while adhering to the Covid Zero policy. China Politburo kicks off rally with vows of development, Tech “The market is excited about the current headlines, but to see this rally continue, we need to move from talking to walking,” Sharif Farha, a portfolio manager at Safehouse Capital, said in an email. “Investors are looking for an excuse to buy Chinese technology, so it is up to the Chinese policymakers to give them an excuse.” Vital Knowledge founder Adam Crisafulli said in a note that the language in the Chinese government’s latest promise “sounded very similar” to the last one in March. “But Beijing never took much action in the interim.” More significant for markets are Covid cases in major Chinese cities, he said, showing some signs of stabilization in the capital and Shanghai. The story goes on Speculation that the authorities could ease an annual regulatory crackdown on tech companies during an upcoming meeting also helped boost the risk climate. Bloomberg, meanwhile, said Beijing was discussing with US regulators logistics to allow on-the-spot checks on Chinese listed companies in a bid to retain a majority of those shares on U.S. stock exchanges. Most read by Bloomberg Businessweek © 2022 Bloomberg LP
