Tencent Shares Nearly Double From October Low as Crackdown Eases
- Tech bellwether’s stock has risen about 95% from October low
- China’s approval of Ant Group’s fund raising adds to optimism
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Shares of Tencent Holdings Ltd. have nearly doubled from their recent lows on growing signs that China is preparing to end its crackdown on major tech firms as well as optimism about the country’s reopening.
The online giant has risen about 95% in Hong Kong since Oct. 28, as approvals for industry funding and new games have begun to trickle in again. In a major tailwind for the industry, some policymakers have called for a halt to China’s harshest regulatory curbs.