The KraneShares CSI China Internet ETF (KWEB) saw a surge of 5.01% in its share price during Thursday's trading session, riding the wave of investor enthusiasm for Chinese technology companies benefiting from the nation's advancements in artificial intelligence (AI).
Traders have been eagerly buying up Chinese tech stocks, particularly those with potential applications and services related to large language models like the startup DeepSeek. This AI hype has propelled the Hang Seng Tech Index, which tracks Chinese tech firms listed in Hong Kong, towards its highest closing level since February 2022 during China's reopening rally.
With Chinese tech stocks trading at relatively attractive valuations compared to historical averages, investors see potential for re-rating as the market reassesses China's innovative capabilities and corporate earnings growth following the AI breakthrough. Companies like Kuaishou Technology, Bilibili Inc, and Baidu Inc were among the top gainers in the sector.
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