DeepSeek Breakthrough Fuels Rally in Chinese Tech Stocks

A Nasdaq-like index for Chinese companies listed in Hong Kong has entered technical bull territory following robust gains by China’s largest technology stocks that have added billions of dollars in market value, driven by the sudden rise to fame of homegrown AI app DeepSeek.

The Hang Seng Tech Index, which tracks the 30 largest technology companies listed in the city, rose as much as 2.9% on Friday, reflecting a rise of more than 20% from its January low. The index is closing in on its 2024 high reached in October but is still far from the all-time high recorded in early 2021.