Chinese tech stocks are turning higher, a year after Beijing kicked off a crackdown on the sector by blocking the record $37bn initial public offering of Jack Ma’s Ant Group.
Equity benchmarks tracking the biggest names in China’s internet sector have notched double-digit gains since hitting lows in early October. The Nasdaq Golden Dragon China index has climbed by 18 per cent, while Hong Kong’s Hang Seng Tech index has jumped more than 13 per cent.
Analysts have become more positive, with HSBC this week upgrading its outlook for Chinese equities, saying investors were “too bearish” on the country’s stocks. But the prospect of further curbs still hangs over the sector, leaving a yawning gap between China’s tech stocks and the broader market.
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