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Bloomberg
Chinese internet stocks rallied in Hong Kong after some brokers started to turn optimistic on the sector and said investors were making an attempt to find a bottom in prices after recent selloff.
The Hang Seng Tech Index rose 2.5%, the most in nearly two weeks, to snap a three-day losing streak. The sector bellwether Tencent Holdings Ltd jumped 5.3% while food delivery giant Meituan rallied 8.4%, adding to previous 3.1% gain following reports Chinese authorities may be wrapping up an antitrust investigation into the company.
Kuaishou Technology, which initially led the advance, gave up most of its gains to close 3% higher. The short-video app’s stock plunged by a record last week after an influential state-backed newspaper urged tighter regulation of internet video content, and as share lockups expired for some
investors.