What happens Chinese tech?

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Hong Kong markets did incredibly today, with Hang Seng index, HSCEI, Red chip index and Hang Seng tech all doing well. The recovery seems broad but my sense is that HSI over 2% increase is fuelled to a certain extent by Hang Seng Tech stocks with its index up over 4%. Even Xiaomi did reasonably well today with close to 3.7% increase to around 18.8 HKD which is still 0.4 HKD below a price level of 19.2 HKD that I am watching. So far, its not exactly clear if Xiaomi has resumed the uptrend and I continue to watch this level closely.

JD did incredibly well today in Hong Kong trading so far, with it up close to 9% and at a price of around 300 HKD. So far, it is up almost 30% from its 52 weeks low of around 230 HKD, which was triggered over the panic concerning Tencent spinning of its shares in JD. This wasnt really a concerning point to me as you may have recalled since it doesnt fundamentally change the business model of JD. The only complicating point which arises from this corporate action pertains to the supply of JD stocks in the hands of retails... Meituan was also up by around 8%!

Even for Li Ning, which was a darling that allowed to "shoot" up to over 100 HKD only to retraced back to around 70 HKD. Even then, it was up around 5 HKD from 73 HKD. This was a rise of around 7%. Not too bad for a non-tech company.. So what does it show?

The only weakness in Hang Seng Tech pertains to Autohome, which was slightly down in the morning but has since recovered. I am still not exactly sure of its direction since I havent been tracking this stock.

But generally speaking, the Hang Seng Tech index is still not fully out of the woods and it has to clear two more hurdles before we can say that it has gotten itself out of the woods. But recalling my view that it is the battle of two systems "US versus China", there is no 100% certainty that Chinese tech is out of the woods. Will capital rotation out of US tech give Chinese tech a chance? This still has to be watched.

As always, this should not be construed as any investment or trading advice.

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