Market Updates
China Tech Rally Pushes Hong Kong Tech Index to Bull Market
Li Chen
18 Feb, 2025
Hong Kong
Stock market indexes in China and Hong Kong erased morning gains, and investors questioned the recent surge in indexes.
The Hang Seng index gained more than 1%, and the mainland-focused CSI 300 index extended losses of the session in the final hours of trading.
China's leaders stepped up verbal support of the private sector after the success of the affordable artificial intelligence chatbot Deep Seek.
China's leaders offered to relax supervision and encourage faster development of the advanced technologies after cracking down on Alibaba Group and forcing the company to cancel the public offering of its unit, Ant Group.
The reversal in the government sentiment comes after five years of a tight-fisted approach with the private sector, starting with the crackdown on tutoring service providers and non-bank financial services providers.
In the year so far, as of the close of Tuesday, the Hang Seng index advanced 16.1%, and the Hang Seng Tech index jumped 21.5% from the low in January, signaling the bull market in leading technology companies.
China Indexes and Stocks
The Hang Seng index advanced 1.1% to 22,873.32 and the mainland-focused CSI 300 index inched lower 0.3% to 3,936.26.
Alibaba Group jumped 1.8% to HK $124.40, Tencent Holding jumped 1% to HK $498.20, JD.com declined 1.3% to HK $155.10, Meituan gained 1.1% to HK $170.80.
BYD gained 2.2% to HK $363.20, Geely Automobile Holdings advanced 3.2% to HK $17.56, Xiaomi Corp. jumped 4.5% to HK $47.25.
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