Jul 27, 2023 06:04 PM

FINANCE

China Tech Stocks on Brink of Bull Market on Stimulus Hopes

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An electronic screen displaying stock figures in Hong Kong in March 2022. Photo: Bloomberg

An electronic screen displaying stock figures in Hong Kong in March 2022. Photo: Bloomberg

(Bloomberg) — A gauge of China tech shares traded in Hong Kong closed just shy of entering a technical bull market over expectations of further stimulus for the nation’s flagging economy.

The Hang Seng Tech Index climbed 2.9% on Thursday, extending gains from a May low to 19.7%. While shares had been lifted in recent months thanks to easing regulatory constraints and stimulus hopes, a 34% surge in XPeng Inc. after investment plans by Volkswagen AG propelled the gauge higher. Peers including Nio Inc. and Li Auto Inc. also advanced.

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