Tencent stock gains lead to broad rise in Chinese techs
da-kuk

Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) and Weibo (NASDAQ:WB) took to the high ground Thursday as much of the Chinese tech sector advanced in the wake of upbeat earnings from Tencent Holdings (OTCPK:TCEHY).
Before U.S. stock markets opened, Tencent (OTCPK:TCEHY) reported a year-over-year rise in its fourth-quarter sales, as the online communications and entertainment platform company saw a benefit from increased online ad sales. Tencent (OTCPK:TCEHY) shares climbed 6.7% on the day as the company said it began to see a positive effect from China easing up on many of its COVID-19 related restrictions.
With Tencent (OTCPK:TCEHY) flexing upward, other Chinese tech stocks got on Wall Street's good side and followed into positive territory heading toward the market close.
By the time U.S. stock markets close, Alibaba (BABA) shares had risen 3.4%, while JD.com (JD) climbed 4%, PDD Holdings (PDD) added 2.5%, Bilibili (BILI) had risen more than 6%, NetEase (NTES) tacked on almost 6% and Weibo (WB) shares had surged more than 7%.
Meanwhile, TikTok Chief Executive Shou Chew appeared before Congress on Thursday in an attempt to allay growing fears about the video app's connections to the Chinese government and military. Some U.S. officials and legislators have been pushing for a ban on TikTok in the United States due to security concerns.