Alibaba Leads China Tech Gains as Breakup Spurs Recovery Bets
- Tech shares rally in Hong Kong as Alibaba plan lifts sentiment
- Analysts say other tech giants may follow with similar plans
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Alibaba Group Holding Ltd.’s massive overhaul plan boosted Chinese tech stocks, with investors betting the sector is in for an overdue revaluation as the regulatory environment improves.
Shares of Alibaba surged 12% in Hong Kong on Wednesday, the most since November and tracking gains in its American Depositary Receipts. Among its peers, Meituan rallied 4% while Tencent Holdings Ltd. and Baidu Inc. advanced slightly less than 2%.