Xi Jinping and Jack MA’s upcoming “clear message” of Beijing-backed stocks soared in Hong Kong before revenue – Alibaba Gr Hldgs (NYSE: BABA), Apple (NASDAQ: AAPL)

Potential meetings between Chinese presidents xi jinping and Alibaba Group Holding Co., Ltd.. Babuff dad Co-founder Jack Horse China’s technology stocks continue to rally strongly this week.

what happened: Bloomberg reported that prominent entrepreneurs, including Massachusetts, have been invited to meet with top Chinese leaders. This potential private sector support is shown as Hong Kong’s Chinese tech stocks reach their highest level since February 2022.

According to Benzinga Pro, the Chinese Enterprise Index rose 4.1% on Friday, while Alibaba-listed stocks soared 6.3%, accounting for more than 50% of earnings in the past month.

Alibaba plans to report earnings on Thursday.

“Such high-profile recognition provides clear support to the Chinese government, which sees the technology sector as the future driver of economic growth,” Bloomberg intelligence analyst said. Robert Lea.

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Why it matters: The meeting between Xi Jinping and Ma will mark a major turning point since Beijing has ceased Ant GroupThe IPO at the end of 2020 will be the largest public offering in the world. The incident triggered a regulatory crackdown on China’s technology sector.

The rally was partly driven by Chinese startups DeepSeekAI model, which is entering the market as a potential competitor to our products. This development is in line with Xi Jinping’s push for new productivity and technological self-sufficiency amid U.S. restrictions on high-end chips.

Next to the stock rally, Apple It is reported that it will cooperate with Alibaba to bring AI capabilities to China’s iPhone by mid-2025. The partnership comes as Apple tries to regain its market share in the second largest U.S. market

Price action: Alibaba Group’s shares on the Hong Kong Stock Exchange were trading at 129.10 Hong Kong dollars ($16.59), up 4.03% as of 9:41 am local time. The stock has risen 58.79% so far.

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