Technology and internet giants Alibaba, Baidu and Bilibili – all of which also trade in New York – rose more than 8% on Friday, making them among the top performers during a shortened trading session in Hong Kong.

The Hang Seng TECH Index – which tracks the city’s 30 largest tech companies – rose 3.57%, outperforming the broader benchmark Hang Seng Index (HSI), which is up 1.2%.
The rebound followed the strong performances of Chinese tech companies on Wall Street on Thursday. Electric car manufacturer Nio (NOK) and Tencent Music Entertainment Group rose nearly 15% while Alibaba (BABA) climbed 9.7%.

However, the year as a whole was not good for Chinese technology. Alibaba’s Hong Kong-listed shares lost nearly half their value in 2021. Tencent – which closed 3% on Friday – is down 19%. Baidu, which had a secondary listing in Hong Kong earlier this year, has lost 43% since that debut.

Chinese companies were deeply shaken by Beijing’s extensive regulatory raids …


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