By Jiaxing Li
Hong Kong (Reuters) -Chinese technology stocks listed in Hong Kong developed Friday for their best winning weekly streak since 2020, as surprise earnings and optimism about the sector -intelligence sector -artificial intelligence draws world -ean investors rotating money is the sector.
Hang Seng Tech Index closed 6.5%, its best one -day earnings since October, to reach its highest in three years.
That took his weekly earnings to more than 6% in his sixth straight week of developments, the longest winning streak since May 2020.
Hong Kong's Hongmark Benchmark Index developed 4% to a three -year peak.
Alibaba surged 14.6% to the highest since the end of 2021, after the Chinese e-commerce giant reported better than expected revenue and said it intends to invest more in e-commerce and AI.
Lenovo progressed over 15% to nearly ten years after quarterly results crashed estimates, while Xiaomi added 5.2%, reaching an ever -level.
Chinese technology stocks have been on tears since the launch of a Deepseeek low cost AI model last month that reigned the interest of global investors in China and triggered money to rotate to the sector because of its relatively cheap valuations.
Bet for Betting Investors President Xi Jinping's rare meeting with the country's largest business leaders – including Alibaba founder Jack Ma – a sign of a policy u -turn could follow years of cracks on the sector, further firing the rally.
“More is all -going to the pricing reduction to emerging markets to narrow more,” HSBC analysts said in a note, also noting the proceeds of foreign investment inflows in the past two weeks.
Stocks also marched on Friday, with the Bluechip CSI 300 index adding 1.3% and Shanghai compound index climbing 0.9%. Both benchmarks are at the highest level since late December.
China's technology rally has helped add more than $ 1.3 trillion to the country's onshore and sea equity markets in just a month, driving investment flowing away from India and into China, said James Cook, Director Investing emerging markets in Federated Hermes, adding that Chinese companies involving Chinese companies are fast catching up with the Frenzy and the World -Ean after losing out.
(Reported by Jiaxing Li in Hong Kong; edited by Sonali Paul and Janane Venkatraman)