BYD ELECTRONIC's stock soared 9.17% on Wednesday in an intraday trading session, as the tech company was caught up in a broader rally of AI-related stocks in Hong Kong and China.
The Hong Kong-listed shares of BYD ELECTRONIC, along with other major tech firms like Lenovo Group, surged amid optimism that companies could benefit from a revaluation driven by artificial intelligence opportunities. The Hong Kong's Hang Seng Tech index rose 1.2% on the day.
According to analysts, investors are reassessing the growth potential and valuations of Chinese tech companies involved in AI development. With ample liquidity and lower interest rates, there are expectations of "valuation re-rating opportunities ahead for AI-related names," as noted by UBS strategist James Wang.
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