(Bloomberg):On the Hong Kong stock market on the 27th, the stock prices of Chinese e-commerce giants Alibaba Group, JD.com, and food delivery giant Meituan rose. This was the largest increase in the last two days in several years. This was helped by the Chinese government announcing a series of measures to shore up its sluggish economy.

Consumer technology companies were bought across all sectors on hopes that far-reaching new government policies will have the desired effect.

Meituan and JD rose more than 20% during trading on the 26th and 27th. This was the largest two-day increase since 2022. Meanwhile, Alibaba stock’s rise rate during this period reached 15% at one point.

The Chinese government announced a wide range of economic stimulus measures, including support for the struggling real estate sector and cash transfers to the very poor. The move eased concerns over the debt-ridden real estate sector and high youth unemployment, providing a boost for consumer and internet companies.

Original title: Alibaba, JD and Meituan Surge After China Stimulus Announcement (excerpt)

Click here to read more bloomberg.co.jp

©2024 Bloomberg LP