China Tech Stocks Extend Rebound on Relief Over Meituan Fine
- Sector gauge has bounced from a record-low close Wednesday
- It still remains down by more than 40% from February’s peak
This article is for subscribers only.
Chinese technology stocks continued their rebound on Monday after Beijing slapped a smaller-than-expected fine on food delivery giant Meituan.
Hong Kong’s Hang Seng Tech Index jumped 3.2% in a third day of gains after closing on Wednesday at its lowest level since last year’s official launch. Meituan rose 8.4%, making it one of the top performers on the gauge. The stock also boosted the broader Hang Seng Index, which gained 2%.