Stock market today: Asia stocks mostly up as China's technology stocks rally

HONG KONG — Shares in Asia were mostly up Tuesday, with Chinese technology stocks surging after Chinese President Xi Jinping met with entrepreneurs this week in what is seen as a show of support to the technology industry.

Hong Kong’s Hang Seng rose 1.64% to 22,986.88, while the Shanghai Composite added 0.15% to 3,360.95. Japan’s Nikkei 225 was up 0.39% to 39,296.11 after Japan’s economic growth for the fourth quarter beat forecasts. In other regional markets, Australia’s S&P/ASX 200 slipped 0.53% to 8,491.70. while South Korea’s Kospi was up 0.43% to 2,621.73.

China’s technology stocks rallied Tuesday. E-commerce firm Alibaba and smartphone maker Xiaomi both saw their stock price surge over 4%, while video games firm Tencent and online services company Meituan also gained.

Chinese President Xi Jinping’s meeting with entrepreneurs on Monday, including Alibaba founder Jack Ma, is a signal of assurance and stability after a crackdown on the technology industry in recent years.

”The optics of Xi’s rare sit-down with tech executives are impossible to ignore. This isn’t just another policy meeting — it’s a calculated move, reflecting Beijing’s growing concerns over economic momentum and China’s position in the global tech race,” said Stephen Innes, managing partner of SPI Asset Management in a note.

”For investors, the takeaway is clear: China’s leadership is throwing its weight behind tech once again. Whether this translates into long-term policy shifts or is just a short-term confidence play remains to be seen,” he said.

Eyes are on whether China and Hong Kong’s stock markets will continue on a bull run, with Chinese stocks outperforming Japan, U.S. and India markets so far this year.

According to a report by BofA Securities, key drivers for the Chinese stock market include a better than expected U.S.-China relationship, with Trump only imposing 10% additional tariffs so far, as well as the emergence of DeepSeek as a rival to leading U.S. artificial intelligence models.