Alibaba Leads China Tech Gains as Regulatory Woes Ease Further
- Tech shares jump on bets of a better regulatory environment
- PBOC official says tech clampdown is approaching an end
The page has finally turned for Chinese tech stocks, as the end of a years-long regulatory crackdown revives demand for an industry once dubbed “uninvestable.”
The Hang Seng Tech Index jumped 3.2% Monday, led by Alibaba Group Holding Ltd., after a top central bank official said the clampdown on the Internet sector was drawing to a close. The broader market also advanced, with a gauge of Chinese equities listed in Hong Kong rising 2%.
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Alibaba Leads China Tech Gains as Regulatory Woes Ease Further