HK tech shares rise after Beijing signals support to payment, fintech firms

Hong Kong Technology Venture Co

23/06/2022 03:41

SHANGHAI, June 23 (Reuters) - China tech firms listed in
Hong Kong rose on Thursday, after Chinese President Xi Jinping
signalled support to the country's leading payment and fintech
firms in the latest indication that Beijing is easing its
regulatory crackdown on the sector.
    Xi chaired a top-level meeting on Wednesday that approved a
plan for the healthy development of China's large payment firms
and the fintech sector, state media reported.  urn:newsml:reuters.com:*:nL1N2Y91KC
    The Hang Seng Tech Index  .HSTECH  shed gains after rising
as much as 2% earlier in the session. 
    Hong Kong-listed shares of Alibaba Group Holding Ltd
 9988.HK  rose more than 2%. Fintech giant Ant Group is an
affiliate of Alibaba. 
    "This is not unexpected, but gives a clear regulatory
direction," Kuang Yuqing, founder of Lens Company Research said,
adding that it could help speed up listing process for Ant
Group.
    Ant has been working with financial regulators for months on
a broad revamp. Reuters had reported last week, citing sources,
that China's central bank had accepted Ant Group's application
to set up a financial holding company, a key step to finish the
restructuring and reviving its debut. 
    

 (Reporting by Shanghai newsroom; Editing by Sherry
Jacob-Phillips)
 ((samuel.shen@thomsonreuters.com;  +86 21 20830018; Reuters
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