Chinese technology stocks rallied to their highest level in more than a month after a new round of share buybacks by Tencent Holdings Ltd boosted market sentiment. 

The Hang Seng Tech Index advanced 1.6% on Tuesday to the highest since late July, extending gains from last month’s low to around 17%. Biggest point contributors included Meituan, Tencent and Alibaba Group Holding. 

Tencent stepping into the market to buy back shares worth HK$100.5 million ($17.35 million) spurred traders to pile into the market this week. Fewer warnings and more targeted regulations by Beijing in recent days also provided relief.

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