Caixin
May 27, 2022 01:18 PM
BUSINESS

China Tech Shares Surge as Sales Beats Boost Sentiment

The mascot for Alibaba Group’s Taobao e-commerce platform near the company’s headquarters in Hangzhou on Nov. 10.  Photo: Bloomberg
The mascot for Alibaba Group’s Taobao e-commerce platform near the company’s headquarters in Hangzhou on Nov. 10. Photo: Bloomberg

(Bloomberg) — Chinese tech shares jumped on Friday after two of the biggest Internet giants reported sales that topped estimates, easing investor worries about the economic hit from Covid-19 lockdowns.

Hong Kong’s Hang Seng Tech Index gained as much as 4.9%, the most in a week. E-commerce leader Alibaba Group Holding Ltd. and Baidu Inc. were among the top gainers, rallying by at least 13% each.

 

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