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Surge in China tech stocks kindles hopes for sustained rally

Bloomberg
Bloomberg6/9/2022 08:22 AM GMT+08  • 4 min read
Surge in China tech stocks kindles hopes for sustained rally
Shanghai. Photo: Unsplash
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Alibaba Group Holding Ltd. and Bilibili Inc. led another rally in China tech stocks on Wednesday, giving stock bulls renewed hope that a nascent rebound in tech shares could sustain.

The Hang Seng Tech Index jumped 4.8% after the Chinese government approved 60 new game licenses, bolstering bets that a yearlong crackdown that wiped out US$2 trillion ($2.75 trillion) in market value from the sector was nearing its end. The gauge pushed further away from its recent downtrend and climbed above a key moving average for the first time in 15 months.

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