China’s big tech companies including Alibaba and Tencent have missed out on this year’s blistering stock market rally for other Chinese groups connected to AI.
China’s CSI artificial intelligence index, which tracks companies in the AI supply chain, has soared by more than 28 per cent this year. However, Hong Kong’s Hang Seng Tech index, where many of China’s big tech powerhouses are listed, has shed more than 8 per cent over the same period.
Taobao owner Alibaba and WeChat operator Tencent, two of the largest constituents in the Hang Seng Tech index, have fallen 6.7 per cent and 23.7 per cent respectively this year.
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