The Chinese and Hong Kong flags are flying as the screens show the Hang Seng Index outside the Exchange Square complex, where the Hong Kong Stock Exchange is located, on January 21, 2021 in Hong Kong, China.
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Shares of Chinese mobile companies rose in Hong Kong on Wednesday, continuing an upward trend that began about a week ago.
On Wednesday evening in Hong Kong, shares of Tencent rose 2.68%, Alibaba rose 7.08%and Meituan jumped 4.44%.
SChinese smartphone maker Xiaomi also saw a 6.06%increase, following Tuesday’s announcement of plans to repurchase shares on the open market “since then. currently ”at a maximum aggregate value of 10 billion Hong Kong dollars ($ 1.28 billion). Xiaomi also reported a 21.4% year -over -year growth over its fourth -quarter earnings.
The Hang Seng Tech index gained 3.23%, while it remains above its 15% annual low to date.
Prices in Hong Kong have been rising sharply since the release of a state news report last Wednesday signaling support for Chinese regions.
In particular, the article says to “quickly end” the registration of online businesses.
The announcement of new acquisitions by technology companies such as Alibaba and Xiaomi in recent days may have raised the concerns of investors.
Tai Hui of JPMorgan Asset Management said China’s government regulatory arrangements, including in the online business, are weighed against Chinese stocks.
“The government needs to show foresight and clarity when it comes to changing real life, and this can take time,” said Tai, Asia’s market manager at the firm. “Making money in places in the first place will help investors determine the impact of these rules on their long -term income.”