Semiconductor Manufacturing International Corporation (SMIC), China's largest chipmaker, saw its shares skyrocket by an astounding 27.42% on Monday, riding a wave of optimism surrounding the country's economic prospects and tech sector.
The surge in SMIC's stock price was part of a broader rally in Hong Kong and Greater China markets, with the Hang Seng Index hitting a 32-month high. Investors were buoyed by expectations of further economic stimulus from Beijing, as well as bullish calls from Wall Street banks on the attractiveness of Chinese equities.
Analysts at Citigroup and Goldman Sachs raised their targets for key Chinese stock benchmarks, citing "coordinated and forceful" policy announcements from the government aimed at curtailing downside growth risks. Citi strategist Pierre Lau predicted that Beijing could soon unveil a 3 trillion yuan ($427.5 billion) consumption support package, further fueling the market's enthusiasm.
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