Chinese technology stocks rebounded as a strong set of quarterly earnings from ecommerce group JD.com helped ease investor concerns over Beijing’s regulatory assault on the sector.
Shares in JD.com jumped 14.9 per cent in Hong Kong on Tuesday after the company revealed strong revenue and user growth in the second quarter. Separately, Cathie Wood’s Ark Investment Management disclosed that it had bought the ecommerce company’s stock following the earnings release.
Stocks of other Chinese companies that have weathered a blitz of regulations also rose, with the Hang Seng Tech index closing up 7.1 per cent. Internet groups Tencent and Alibaba gained 8.8 and 9.5 per cent, respectively, while food delivery business Meituan was up more than 13 per cent.