Chinese Tech, Rare-Earth Stocks Rally Ahead of U.S.-China Talks
Chinese tech stocks and shares of rare-earth companies gained ahead of a meeting between Chinese and U.S. officials that is spurring hopes for a trade deal.
Shares of Hong Kong-listed technology companies rose, led by major players like chip maker SMIC, which gained nearly 5%. E-commerce giants Meituan and Alibaba also rallied.
The Hang Seng Tech Index rose as much as 3.2% before paring gains after Chinese trade data missed expectations.
China Rare Earth surged over 50% in Hong Kong, while ZheJiang ZhongKe Magnetic rallied in Shenzhen.
The U.S. and China begin their second round of trade talks on Monday in London. President Trump told reporters Friday that talks with Beijing were "very far advanced." Chinese officials said over the weekend they had approved some applications for rare-earth exports, a key sticking point in trade talks.
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