SHANGHAI: China stocks posted their biggest one-day gain in three months on Thursday, as chip shares sharply rebounded from a recent selloff, with anticipation building around a memory chip major’s listing.
The blue-chip CSI300 Index ended 2.5 percent higher, its largest one-day jump since April 8, while the Shanghai Composite Index gained 1.7 percent. Hong Kong benchmark Hang Seng was down 0.8 percent.
Semiconductor shares closed 8.8 percent up, after memory-chip maker Changxin Memory Technologies (CXMT) said it would start book-building on July 15 for its planned Shanghai IPO, which aims to raise 29.5 billion yuan (USD4.34 billion). CXMT is the world’s fourth-largest DRAM maker with approximately 7.7 percent market share in 2025.
GigaDevice, a CXMT shareholder, jumped 10 percent, snapping a seven-session losing streak, while GPU designer Moore Threads surged 14 percent.
The tech-focused STAR50 index jumped 8.4 percent, its steepest one-day gain in nearly a year.
Sentiment toward China Internet has also improved this month, with the Hang Seng Tech Index up 12 percent from its 1-1/2-year low hit in June.
Alibaba rose as much as 5 percent, before paring gains, as its AI narrative gathered momentum ahead of its quarterly earnings release.
UBS Research forecasts the e-commerce giant’s cloud revenue growth to accelerate to 45 percent year-on-year for the June quarter, with its model-as-a-service business on track and quick-commerce losses narrowing sharply.
Onshore non-ferrous metal shares fell 0.6 percent, while the Coal Index dropped 1.8 percent. The CSI New Energy Vehicles Index was down 0.5 percent.
Oil-related stocks showed little reaction to renewed Gulf tensions. CNOOC shares were down 1.4 percent.
China’s central bank said on Wednesday that it would maintain an appropriately loose monetary policy and ramp up financial support to revive domestic consumption.
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