The Hang Seng Technology Index rose more than 2.5%, and TechNet stocks rose across the board. As of press release, Bilibili W (09626) rose 8.2% to HK$88.45; JD Group-S (09618) rose 6.16% to HK$108.5; Meituan-W (03690) rose 6.04% to HK$96.6; and Alibaba-SW (09988) rose 2.4% to HK$70.45.
The Zhitong Finance App learned that the Hang Seng Technology Index rose more than 2.5%, and TechNet stocks rose across the board. As of press release, Bilibili W (09626) rose 8.2% to HK$88.45; JD Group-S (09618) rose 6.16% to HK$108.5; Meituan-W (03690) rose 6.04% to HK$96.6; and Alibaba-SW (09988) rose 2.4% to HK$70.45.
According to the news, Tencent Holdings announced that it would spend HK$1.02 billion to repurchase 3.29 million shares on March 27. According to the announcement, since March 22, Tencent has repurchased shares for four consecutive trading days, involving a total capital of about HK$4.07 billion. According to reports, Tencent previously announced that the repurchase scale will at least double in 2024, from HK$49 billion in 2023 to over HK$100 billion in 2024. Huachuang Securities believes that Tencent's 100 billion repurchase plan is expected to offset shareholders' financial pressure to reduce their holdings.
Haitong Securities pointed out that for the Hong Kong stock Internet sector, the domestic economy, the Federal Reserve's interest rate hike, etc. are still the current core macro-variables. It is expected that with subsequent economic improvements, optimization of the competitive landscape, and the continued release of cost reduction and efficiency, the revenue and profit side of various companies are expected to gradually pick up, and a new round of industrial revolution brought about by superimposed AI is expected to spawn new growth points. Furthermore, Internet companies continue to increase repurchases, demonstrating market confidence.