Explainer
Why China Investors Finally Believe Xi’s Tech Crackdown Is Over
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Even before President Xi Jinping met with leading Chinese entrepreneurs on Feb. 17, investors began piling into technology shares, betting that a years-long crackdown on the private sector was at an end.
The Hang Seng Tech Index surged in the previous trading session to its highest since February 2022 after reports of the impending meeting. The summit had all the trappings of a national turning point, with state media promoting Xi’s discussion with the likes of Alibaba Group Holding Ltd. founder Jack Ma, Huawei Technologies Co.’s Ren Zhengfei, Xiaomi Corp. chief Lei Jun and Meituan’s Wang Xing.