NEW YORK – The benchmark information technology index for Chinese mainland A-shares had its best day ever May 2, as every component of the CSI 300 Infotech Index while the overall index rose by more than 5%. On four past occasions, every stock in the index rose in a single trading day, but never by as much as on May 2.
Hong Kong’s tech market (H-shares) rebounded the previous week after a memorandum from China’s State Council hinted at relaxed regulation of China’s Internet companies. Internet giants like Alibaba, JD.com and Meituen have gained more than 20% during the past week as investors hoped that the worst was over for Beijing’s regulatory slap-down of the online marketers.
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