DeepSeek Trigger: AI hype supercharges Chinese stocks to a 3-year high
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Chinese stocks in Hong Kong extended a recent rally as the nation’s growing capabilities in artificial intelligence boosted optimism over the market’s outlook, while a potentially momentous show of support for the private sector gave sentiment an extra lift. The Hang Seng China Enterprises Index jumped 4.1% on Friday to hit the highest since February 2022 — surpassing an October peak spurred by a stimulus blitz. Gains in Alibaba Group Holding Ltd., the biggest boost to the gauge, accelerated in the afternoon session after Bloomberg News reported that its co-founder Jack Ma and other prominent entrepreneurs were invited to meet the nation’s top leaders. “The Xi-Ma news gave the market another kick and prompted people to look at this ‘widely shunned’ space — Chinese Internet,” said Jian Shi Cortesi, a portfolio manager at Gam Investment Management in Zurich. “Either we see a sustained rally this time, or the government will keep trying unti...