The Zhitong Finance App learned that TechNet stocks rose collectively today. As of press release, Meituan-W (03690) rose 5.67% to HK$100.7; Tencent (00700) rose 5.66% to HK$321; Alibaba-SW (09988) rose 3.22% to HK$68.85; NetEase (09999) rose 2.8% to HK$146.8.
According to the news, on April 19, the China Securities Regulatory Commission stated that it will deepen cooperation with Hong Kong and announce 5 capital market cooperation measures, including easing the scope of eligible products for stock ETFs under the Shanghai-Shenzhen-Hong Kong Stock Connect, supporting the integration of RMB stock trading counters into Hong Kong Stock Connect, optimizing mutual fund recognition arrangements and supporting the listing of leading mainland companies in the Hong Kong industry to further expand and optimize the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism, help China consolidate and enhance its status as an international financial center, and jointly promote the collaborative development of the capital markets of the two places.
Furthermore, Hong Kong stocks have set off a wave of buybacks. Since the beginning of the year, Tencent Holdings has repurchased a total of HK$22.845 billion. Haitong Securities said that the continued increase in repurchases by Internet companies shows market confidence. As far as the Internet sector of Hong Kong stocks is concerned, 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 sides of various companies will gradually pick up. Combined with AI, it is expected to spawn a new round of industrial revolution.