As annual reports and first-quarter earnings disclosures draw to a close, both the A-share and Hong Kong stock markets are presenting a new picture marked by stabilising fundamentals and a resonant technology narrative. The continued breakthroughs in the share prices of a number of leading technology companies listed on the STAR Market and ChiNext reflect a value re-rating of Chinese assets driven by improving fundamentals, as well as a renewed global pursuit of high-quality Chinese assets.
Chinese assets have undergone a remarkable rally since September 2024. Entering 2026, the momentum in A-shares has continued. As of May 7, the Shanghai Composite Index had risen 5.84% year-to-date, the Shenzhen Component Index 15.65%, the STAR Market Composite Index 26.11%, and the ChiNext Index 19.66%. Hong Kong equities have faced relatively greater pressure: the Hang Seng Index gained 1.09%, while the Hang Seng Tech Index fell 11.69%.
“The rise of Chinese assets is by no means accidental. It is the result of the accelerated implementation of new quality productive forces, the deepening advancement of technological self-reliance strategies, and the resonance created by institutional reforms in the capital market,” Tian Xuan, Dean of the Guanghua School of Management at Peking University, told Caijing.
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