U.S.-listed Chinese stocks rose on Tuesday on hopes that authorities’ three-year crackdown on technology companies is coming to a close.
Regulators on Friday handed a $1 billion fine to Ant Group, a third of which is owned by internet retailer
Alibaba.
Investors are optimistic that could draw a line under the pressure firms have faced over corporate governance and accusations of money-laundering.
Alibaba
shares rose 2% in Hong Kong on Tuesday. Its American depositary receipts (ticker: BABA) advanced 0.3% in premarket trading. Online retailer
JD.com
(JD) closed 1.8% higher in Hong Kong, while shopping platform
Meituan
rose 0.7%. Overall the Hang Seng Index finished up 1%.
Separately, Chinese authorities announced more support for the country’s beleaguered property sector by extending loan maturities for developers and giving commercial banks more flexibility to deal with distressed loans.
Write to Brian Swint at [email protected]
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