China Tech Stocks Surge to 2021 Level as Investors Bet on AI

The Hang Seng Tech Index rose as much as 3.5% on Wednesday, hitting its highest level since November 2021, according to Bloomberg-compiled data. Search engine operator Baidu Inc led gains with a 16% jump but multiple tech giants came along for the ride: The shares of JD.com Inc, Meituan and Alibaba Group Holding Ltd. all surged in morning trading. The index is now set for its seventh consecutive week of gains, helped by easing tensions between China and the US as well as hopes that tech companies’ big bets on AI will pay off.