Alibaba Group Holding Ltd's stock (BABA-W) surged 5.1% in pre-market trading on Monday, as the Chinese e-commerce giant received a boost from positive economic data and continued mainland investor support.
The rally came after a private survey showed China's manufacturing activity picked up in February, indicating economic resilience despite US tariffs on Chinese exports. The Caixin manufacturing purchasing managers' index rose to 50.8 last month, exceeding economists' forecasts and signaling an expansion in factory activity.
Alibaba and other Chinese tech giants also benefited from strong inflows of mainland investors into Hong Kong-listed stocks. Southbound trading accounted for about 46% of Hong Kong's average daily turnover in February, up from a third a year ago. Mainland investors have been snapping up shares of Chinese tech firms listed in the city, drawn by their cheaper valuations and growth potential.
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