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Shares of China’s internet-platform companies rose in Hong Kong trading on fresh signs that a brutal regulatory crackdown is behind them.
The Hang Seng Tech index, which includes industry giants such as Tencent, ended 3.8% higher Thursday after Chinese Premier Li Qiang met Wednesday with senior executives from Alibaba, Meituan and other major tech companies. The broader Hang Seng Index gained 2.6% Thursday.
Following the meeting, Li said that internet-platform companies can play a leading role in China’s development, job creation and global competitiveness, according to Chinese state media. His comments offered further evidence that Beijing has moved past its two-year campaign to rein in the sector and came days after Chinese regulators slapped fintech giant Ant Group with a roughly $1 billion fine.
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