China tech stocks are making a big comeback in premarket trading on relief over Meituan Fine.Alibaba,Pinduoduo,JD.COM,NetEase,Baidu,Didi Global,Bilibili and Tencent music climbed between 1% and 6%.
Chinese technology stocks continued their rebound on Monday after Beijing slapped a smaller-than-expected fine on food delivery giant Meituan.
Hong Kong’s Hang Seng Tech Index jumped as much as 3% in a third day of gains after closing at a record low on Wednesday. Meituan rose as much as 8.4%, making it the top performer on the gauge. The stock also boosted the broader Hang Seng Index, which gained as much as 2%.
“The momentum continues in buying Alibaba after Munger,” said Steven Leung, executive director at UOB Kay Hian in Hong Kong.