After the nation's top regulators and corporate giants met Tuesday, Chinese tech stocks went up as traders bet that Beijing would dial back its yearlong clampdown on the industry.
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The Hang Seng Tech Index rallied 5.8%, the most this month, with Sunny Optical Technology Group and Li Auto Inc. the top performers. JD.com Inc. traded higher ahead of its earnings later in the day.
China's top political advisory body is hosting a symposium on the digital economy, according to state media. While the outcome wasn't released within trading hours, a Reuters report showed Chinese Vice Premier Liu He is scheduled to speak at the meeting, which is also attended by private sector executives like Baidu Inc. founder Robin Li. The investors were closely watching to see if the rout in technology stocks could end.
There are signs of a turnaround in the tech sector. On Monday, JPMorgan Chase Co. analysts upgraded a number of tech firms including Tencent Holdings Ltd. and Alibaba Group Holdings Ltd. to overweight from underweight just two months after deeming the sector uninvestable Market may trade ahead of it, then wait to see the outcome, said Willer Chen, analyst at Forsyth Barr Asia Ltd.
After the yearlong crackdown on private enterprise, a number of top officials have pledged to stabilize markets in recent months. That has given rise to bets that the worst days of tech regulations may be over.
Expectations that Shanghai will soon ease its strict lockdown measures are also adding to hopes that the city reported no community cases for a third day.
It is not clear whether the rules will be relaxed enough to give markets a sustainable boost. China has hit industrial output and consumer spending because of the dogged adherence to zero tolerance for Covid.
The CSI 300 Index gained 1.3% on the mainland. The Hang Seng Index rose by 3.3%.
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