China, HK stocks rise on tech, Beijing support boost

China and Hong Kong stocks rose on Thursday, as tech shares jumped on signs of support from Beijing's, while Chinese small-caps gained on plans for new derivatives. Hong Kong stock benchmark Hang Seng was up 1.3%. ** Tech shares in both markets rose sharply after Chinese President Xi Jinping signalled support to the country's leading payment and fintech firms in the latest indication that Beijing is easing its regulatory crackdown on the sector.

China and Hong Kong stocks rose on Thursday, as tech shares jumped on signs of support from Beijing, while Chinese small-caps gained on plans for new derivatives. ** China's blue-chip index CSI300 rose 0.5% by the lunch break, while the Shanghai Composite Index climbed 0.6%. Hong Kong stock benchmark Hang Seng was up 1.3%.

** Tech shares in both markets rose sharply after Chinese President Xi Jinping signaled support to the country's leading payment and fintech firms in the latest indication that Beijing is easing its regulatory crackdown on the sector. ** Xi chaired a top-level meeting on Wednesday that approved a plan for the healthy development of China's large payment firms and the fintech sector, state media reported.

** The Hang Seng Tech Index rose 1.4% at the end of the morning session, after earlier climbing as much as 2%. ** Hong Kong-listed shares of Alibaba Group Holding Ltd jumped more than 4%. Fintech giant Ant Group is an affiliate of Alibaba.

** In mainland China, the startup board ChiNext rose 1.2%, while the tech-heavy STAR 50 index rose 0.5%. ** Meanwhile, China's small-cap CSI1000 Index rose more than 1%, on news that China plans to roll out derivatives based on the gauge.

** A launch of stock index futures and options based on CSI1000, which tracks 1,000 small caps listed in Shanghai and Shenzhen, could give investors additional hedging tools and potentially lead to new investment products. ** The new derivatives will help diversify portfolios and facilitate investment in small-cap stocks, Huatai Futures said.

** China's consumer, transport, and infrastructure fell, reflecting lingering concerns over the impact of COVID-19, and worries about a fiscal funding shortage as Beijing unveils ambitious stimulus plans.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)