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Hong Kong stocks hit five-week high on Alibaba and tech rally, while banks advance on Wealth Connect push
Hong Kong stocks climbed to a five-week high, fuelled by gains in Alibaba Group Holding and tech peers while financial stocks advanced amid the launch of cross-border wealth management product operations.
HONG KONG (AFP): Hong Kong led most Asian markets lower Wednesday (Oct 27) with tech firms in the firing line after China Telecom was banned from the United States, adding to already fraught tensions between the superpowers as concerns lingered about inflation.
HONG KONG: Asian shares steadied on Friday after losses earlier in the week, but China jitters and global growth concerns weighed on investors' minds, while the dollar sat near a three-week high.
BEIJING: A selloff in Chinese private education companies deepened on Monday after Beijing announced a sweeping overhaul that threatens to up-end the $100 billion sector and jeopardize billions of dollars in foreign investment.
FOR anyone who wasn’t paying attention, China is serious about its common prosperity drive.
HONG KONG: Bilibili Inc, which is backed by Alibaba Group, tumbled as much as 6.8% in its Hong Kong stock debut on Monday as analysts said a U.S. regulatory crackdown on listed foreign firms hit enthusiasm for the Chinese online video site.
The Hang Seng Tech Index sank as much as 4.5%, extending its tumble from a February high to about 30%.
Technology stocks have largely been shielded from Beijing’s clampdown, as they are engaged in businesses that are underpinned by policy supportCut in banks’ reserve requirement ratio may further aid Chinese technology stocks trading onshore, according to brokerages
BEIJING (Bloomberg): China has unveiled sweeping regulations governing overseas share sales by the country’s firms, taking one of its biggest steps to tighten scrutiny on international debuts in the wake of Didi Global Inc’s controversial listing.