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People walk past the Beijing Stock Exchange.
WANG ZHAO/AFP/Getty Images
Chinese stocks are soaring this month with Hong Kong-listed shares in e-commerce giant
Alibaba
up 31% amid signs China’s regulatory crackdown is thawing and strict Covid-19 controls are being relaxed.
Good news from ride-hailing company
DiDi Global
Monday lifted optimism as Hong Kong’s Hang Seng closed at a six-month high, up 0.037% to 21,746.42. DiDi said it would resume new user registrations following a cybersecurity review. Chinese regulators had accused DiDi of flouting data-security laws—last June it delisted from the New York Stock Exchange.
On Monday
Alibaba
Group (ticker: 9988.Hong.Kong) closed up 0.6% following a strong run so far this year. Its U.S.-listed shares (BABA) did not move because markets are shut for a public holiday. So far this month, video-game maker and social media company
Tencent Holdings
(700.Hong.Kong) has risen 16.7%, gaming platform
Bilibili
(9626.Hong.Kong) was up 13.60%, and
JD.com
has increased 10.72% (9618.Hong.Kong).
Investors are increasingly optimistic that a Chinese clampdown on tech stocks is easing, with many of the issues such as market dominance and the sharing of data being addressed. This comes on top of further good news as Chinese authorities have been issuing new guidelines relaxing their zero-tolerance stance on Covid-19 following a wave of protests last year.
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