Chinese tech stocks score more gains as upward run continues
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Chinese tech stocks flexed their muscles, Tuesday, as the likes of Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and Tencent Holdings (OTCPK:TCEHY) amid a sense that Beijing might be about to ease up on more than a year of increased regulatory pressure on many of the countries leading tech companies
Alibaba (BABA) shares climbed 11%, to close at $114.98, as the Internet giant said it would boost its stock buyback plan to $25 billion from $15 billion. A report from Reuters also said the Chinese government was telling Alibaba (BABA) and other companies to prepare for more audit disclosures, as part of an effort to ensure that its companies remained listed on U.S. stock exchanges.
Along with Alibaba (BABA), strong performances came from Tencent Holdings (OTCPK:TCEHY) and Baidu (BIDU), both of which rose 5.4% on the day; Weibo (NASDAQ:WB), up more than 4%; PinDuoDuo (PDD), which climbed 19%; JD.com (NASDAQ:JD), up by 5.4% and Bilibili (BILI), which saw its shares surged 20% by the close of trading.
The KraneShares CSI China Internet ETF (KWEB) also rose 8% by the end of the day.
Tuesday's broad gains came on the heels of Chinese tech stock putting in an overall strong performance last week as Beijing said it would take steps to boost the country's economy.
Ride-sharing leader DiDi Global (DIDI) failed to join in the day's rally, as its shares fell almost 4% on heavier-than-expected trading volume.