SHANGHAI: Tech shares rose across mainland China and Hong Kong markets on Tuesday, led by gains in Tencent and Meituan, while investors cautiously evaluated Middle East peace talks.
By the midday break, China’s tech-focused STAR 50 was up 1.4 per cent, while Hong Kong’s tech shares jumped 3.5 per cent. The benchmark Shanghai Composite index was largely flat and the blue-chip CSI300 index inched up 0.8 per cent. Hong Kong’s benchmark Hang Seng Index ended morning trade up 1.5 per cent.
Shares of Tencent Holdings leapt 7.8 per cent after the Financial Times reported the company moved closer to launching an AI agent for WeChat’s 1.4 billion Chinese users.
Meanwhile, Chinese food delivery leader Meituan jumped 7.7 per cent after the company on Monday posted a third consecutive quarterly loss and met revenue growth estimates, though a year of bruising, subsidy-fuelled competition in China’s one-hour delivery space showed signs of easing.
“Markets are entering June balancing renewed geopolitical risks from US-Iranian military exchanges against continued enthusiasm for AI-driven growth and technology investment,” said Bob Savage, head of markets macro strategy at BNY.
“Meanwhile, China stands out as the only major emerging market attracting inflows across the equity, fixed income and currency markets.” Lebanon announced on Monday a partial ceasefire between Hezbollah and Israel, in what would amount to a limited de-escalation of a conflict that has killed thousands of people and inflamed the broader US-Israeli war with Iran.
Earlier, Iranian state media said Tehran was halting indirect negotiations with the US and might end the ceasefire, citing the war in Lebanon. US President Donald Trump, meanwhile, said that talks with Iran were ongoing “at a rapid pace”.Separately, Knowledge Atlas Technology, also known as Zhipu AI, on Monday said it intends to apply for a domestic listing in Shanghai.
