Alibaba Group Holding's massive overhaul plan boosted Chinese tech stocks, with investors betting the sector is in for an overdue revaluation as the regulatory environment improves.
Shares of Alibaba soared as much as 16 per cent in Hong Kong on Wednesday, before closing up 12.23 per cent at HK$94.55.
Among its peers, Meituan rallied 4 per cent while Tencent Holdings and Baidu ended nearly 2 per cent higher.
The index heavyweight lifted the Hang Seng Tech Index by 2.5 per cent, while also sending the Hang Seng benchmark up 2.1 per cent.
Affiliates of Alibaba also rallied on Wednesday. Alibaba Health Information Technology and Alibaba Pictures Group both surged before paring gains to 5.2 per cent.
This story is from the March 30, 2023 edition of The Straits Times.
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This story is from the March 30, 2023 edition of The Straits Times.
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