Chinese tech stocks extend gains on valuation hunt while Weibo slides below IPO in Hong Kong market debut

Asia's Tech News Daily

stocks, record 12 per cent rally

Chinese technology stocks extended gains as traders continued to scoop up bargains in the sector that has crashed 26 per cent to record low over the past six months. Weibo slumped in its Hong Kong trading debut.

The Hang Seng Tech Index added 0.6 per cent in early Wednesday trading, adding to a 4.2 per cent rally a day earlier. The Hang Seng Index, which tracks sentiment on the broader market, climbed 0.3 per cent to 24,049.12 after a 2.7 per cent surge on Tuesday. China’s Shanghai Composite Index added 0.7 per cent.

Tencent Holdings added 1.3 per cent while Meituan gained 1.6 per cent and Bilibili rallied 2.2 per cent. Alibaba Group Holding, which owns this newspaper, slipped 4.6 per cent, paring some of its record 12 per cent rally on Tuesday.

Chinese tech juggernauts listed in Hong Kong have lost US$606 billion in market value over the past six months, according to Bloomberg data, crumbling under the weight of regulatory crackdown, poor earnings and concerns about delisting from US stock exchanges.

Risk appetite, however, revived this week after China’s central bank announced a second cut in the reserve requirement ratio this year, injecting 1.2 trillion yuan (US$188 billion) into the system from December 15. Traders are tuning in to China’s annual Central Economic Work Conference later this month for more signs of policy easing.

“I’m keeping a close eye on the upcoming Politburo meeting and Central Economic Work Conference, which could offer more guidance on the policy outlook,” said David Chao, global market strategist for Asia-Pacific ex-Japan at Invesco. “With this [RRR] cut, China’s macro backdrop appears to be slowly improving.”

Weibo, the Chinese equivalent of Twitter, tumbled 6.2 per cent on the first day of trading in Hong Kong, a sign that demand for new shares is still weak after a flurry of headwinds has roiled Asia’s third-largest stock market.

Other major markets in Asia advanced, taking cues from the strength in US stocks overnight. Major gauges of US equities rose at least 1.4 per cent as concerns receded that the Omicron virus strain will derail a recovery.

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