Tech Stocks Jump in Hong Kong as Beijing Pledges Policy Support
By Yifan Wang
Shares of Chinese tech companies soared in Hong Kong on Tuesday after China's top leaders pledged to step up policy support for the consumer-electronics and platform industries, among other sectors.
The Hang Seng Tech Index was 4.6% higher at midday, on track for its best one-day percentage gain since early June.
Nearly all constituents of the index rose, with electric-car maker XPeng jumping 11%, data-center operator GDS Holdings advancing 8.9% and video-streaming platform Bilibili climbing 8.6%.
The rally came after China's Politburo, the country's top decision-making body, in its Monday meeting said it will work to boost spending on consumer products, including automobiles and electronic devices. The officials also reiterated their support for the digital economy and platform companies.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
July 25, 2023 00:36 ET (04:36 GMT)
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