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Markets

China shares rise as some IT firms pledge against anti competition; Hang Seng gains

  • The smaller Shenzhen index was up 0.79%, the start-up board ChiNext Composite index was higher by 1.4% and Shanghai's tech-focused STAR50 index was up 0.84%?.
Published April 14, 2021

BEIJING: China shares edged higher on Wednesday with IT firms leading gains, as investors cheered a dozen internet platform companies pledging to avoid anti-competitive behaviours, after e-commerce giant Alibaba was fined a record $2.75 billion last week for such practices.

At the midday break, the Shanghai Composite index was up 0.15% at 3,401.72, while the blue-chip CSI300 index was up 0.31%.

The information technology sector added 1.03%, and the material sector gained 0.84%.

Chinese H-shares listed in Hong Kong rose 1.35% to 10,997.33, while the Hang Seng Index was up 1.24% at 28,850.00.

Hong Kong-listed JD.com was set for its best session since April 1, after the Chinese e-commerce firm, along with 11 other internet platform companies, pledged to avoid anti-competitive behaviours such as forcing vendors to use their platform exclusively.

This is the first batch of the 34 companies including Tencent that were ordered by China's market regulator to conduct self-inspections for illegal business behaviours on Tuesday, warning of "severe punishment" for any that still violated the rules.

Shares of Alibaba Group rose for a third straight session, after it said on Monday it does not expect any material impact from the antitrust crackdown in China.

Analysts say expectations of regulatory action had been largely priced in for internet companies before the fine, and the market uncertainty about Alibaba will be reduced.

China's exports grew strongly in March on improving global demand as COVID-19 vaccinations progress, and import growth hit a four-year high, data showed on Tuesday, adding to signs of a solidifying recovery in the world's second-largest economy.

The smaller Shenzhen index was up 0.79%, the start-up board ChiNext Composite index was higher by 1.4% and Shanghai's tech-focused STAR50 index was up 0.84%?.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.56% while Japan's Nikkei index was down 0.43%.

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