Chinese tech stocks rise as China eases tech crackdown

JD Logistics

12/07/2023 13:41

** U.S. shares of Chinese tech cos rise premarket on more
signs that Beijing is easing its crackdown on the sector 
    ** Alibaba Group  9988.HK , Baidu  9888.HK , JD  2618.HK 
and PDD  PDD.O  gain 2% to 3% 
    ** Chinese Premier Li Qang said on Wednesday local
governments need to make the regulation of platform firms more
transparent, predictable and less costly
    ** "Governments at all levels should endeavour to create a
fair and competitive market environment, and improve policies on
investment access," Li also said
    ** Last week, Chinese authorities announced a 7.12 billion
yuan ($990.10 million) fine for Ant Group, which gave investors
hope that a regulatory crackdown on China's technology sector is
over.
    ** Up to last close, Baba up 4.2%, Bidu up 25%, JD down 35%
and PDD down 12% YTD

 (Reporting by Zaheer Kachwala in Bengaluru)
 ((Zaheer.Kachwala@thomsonreuters.com;))