The Hong Kong stock exchange operator HKEX saw its shares surge 5.88% on Wednesday, driven by a rally in Chinese technology stocks that bolstered trading volumes and revenue for the bourse.
The rise in HKEX's stock price can be attributed to several factors fueling the tech stock frenzy in Hong Kong. Firstly, Beijing's pledges of forceful economic stimulus in September last year boosted Hong Kong stocks' combined market cap significantly, reigniting global investors' interest in Chinese equities.
Furthermore, the release of a low-cost AI training model by Hangzhou-based Deepseek and President Xi Jinping's supportive messaging towards private sector entrepreneurs have further whetted appetites for tech stocks. The Hang Seng Tech index has risen 27% year-to-date, reflecting the surge in demand for Chinese tech companies.
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