Chinese tech stocks have massively outperformed their Nasdaq counterparts this year, with the trend being turbocharged over the past month by progress in both AI and Beijing’s push for chip self-sufficiency.
The Hang Seng Tech index of the 30 biggest Hong Kong-listed technology companies has soared 41 per cent year to date, compared to a 17 per cent gain in the Nasdaq, as mainland China’s largest tech groups attain the same investor appeal traditionally reserved for their US rivals.
The soaring share prices mark a triumphant comeback for a sector under siege for years from a regulatory crackdown and struggling economy that led to a foreign investor exodus from once popular stocks such as Alibaba and Tencent.
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