Meituan leads rise in China's e-commerce groups on authority's supportive tone

Kuaishou Technology

12/07/2023 06:45

** Shares of Meituan  3690.HK  lead rise in China's
e-commerce groups, rising as much as 5.1% to HK$128.20, on track
for the biggest one-day jump since June 15, if gains hold
    ** Stock hit the highest since July 4; biggest pct gainer in
Hang Seng Index  .HSI  and second biggest gainer in Hang Seng
Tech Index  .HSTECH 
    ** The National Development and Reform Commission (NDRC),
China's top economic planner, said on Tuesday they have visited
companies including Alibaba, Tencent and Meituan recently, and
praised the leading role the companies are taking in innovations
and high-quality development
    ** Supportive tone for China's big tech companies helped
boosted the sentiment on tech stocks with Hang Seng Tech Index
 .HSTECH  jumping more than 2% 
    ** Shares of Alibaba  9988.HK  rise as much as 2.5% to
HK$90.95, highest since June 19; Tencent gains 2.2% to HK$341
    ** Stocks of Bilibili  9626.HK , Kuaishou  1024.HK , JD.Com
 9618.HK  and Baidu  9888.HK  rise between 1.9% and 6%     
    ** Hang Seng Tech Index  .HSTECH  rises 1.7%, Hang Seng
Composite Index  .HSCI  climbs 0.6% and Hang Seng Index  .HSI 
adds 0.8%
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))