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China Tech Stocks Jump as Xiaomi’s Buyback Lifts Sentiment

  • Xiaomi share repurchase plan follows similar move by Alibaba
  • Traders await further policy action from the authorities
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WATCH: Brendan Ahern of KraneShares discusses the outlook for Chinese technology stocks and his strategy.Source: Bloomberg
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Chinese tech stocks extended a rally into a second day Wednesday, as share buybacks by Xiaomi Corp. and Alibaba Group Holding Ltd. spurred hopes that other tech firms may follow suit.

The Hang Seng Tech Index ended 2.1% higher, with Xiaomi gaining 4.1% and Bilibili Inc.’s 10% advance among the out performing names. The gauge has climbed nearly 40% from its low reached last week but remains down more than 50% from a February 2021 peak.