Alibaba Group Holding Ltd, JD.com Inc, and Meituan saw their best trading days in years following the Chinese government’s announcement of wide-ranging stimulus measures aimed at boosting the struggling domestic economy. Meituan and JD.com surged over 20% in Hong Kong trading on Thursday and Friday, marking their best two-day performance since 2022, while Alibaba rose as much as 15%.
The stimulus package includes support for the property sector, cash handouts for residents in hardship, and increased social security benefits for unemployed graduates. These measures helped ease concerns over China’s debt-ridden property market and high youth unemployment, which in turn bolstered consumer tech firms.
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