China Tech Stocks Rebound on Last Day of Tumultuous Year

(Bloomberg) — China’s tech giants rebounded on Friday, with thin liquidity exacerbating swings as some traders closed out short positions on the last day of the year.

The Hang Seng Tech Index jumped as much as 4.5%, its best day since Oct. 7. Nearly all members in the gauge rose, with Weimob Inc. and Bilibili Inc. among the top gainers. The climb followed the biggest rally in Chinese American depositary receipts overnight since 2008, with the Nasdaq Golden Dragon China Index surging 9.4% as analysts cited short covering.