Hong Kong stocks end with 9% surge after China pledges support
Chinese- and Hong Kong-listed stocks soared on Wednesday after China’s government pledged to support beleaguered markets.
The Chinese government also is working with U.S. authorities to support listings overseas, as the Securities and Exchange Commission last week identified Chinese companies that could be delisted over the issue of auditor access. Other Hong Kong tech stars also jumped, including Meituan 3690, +32.08% and Tencent Holdings 700, +23.15%.
“Having disappointed markets earlier in the week by not cutting interest rates, China’s state economic policy apparatus is taking significant coordinated steps to support risk sentiment. These include State Council support for overseas listings, engaging with the U.S. on ADRs, and perhaps most importantly, suggesting that regulation of its big tech firms will end soon.
France Dernières Nouvelles, France Actualités
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