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Date: Thu, Mar 17, 2022 at 1:45 PM
Subject: China Shares Soar After Beijing Signals Support; Alibaba Jumps 37% 中共國股市大幅反彈，官方表態安撫市場
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华尔街日报中文版
中共國股市大幅反彈，官方表態安撫市場
香港恒生指数周三创下全球金融危机以来最大单日涨幅。
图片来源：PAUL YEUNG/BLOOMBERG NEWS中国最高经济决策者的支持性言论让投资者看到机会，科技股引领中国股市强劲反弹，香港市场一些个股飙升逾30%。
中国国家主席习近平的"经济沙皇"、国务院副总理刘鹤及其同僚的干预性言论，完全是针对投资者最担心的几个问题。受此提振，中国股市终结连续三日的暴跌势头，香港主要基准股指创下全球金融危机以来的最大单日涨幅。
最近几天，中国股市大幅下挫。中概股从美国股市退市风险、与美国的紧张关系、中国日益严峻的抗疫形势以及政府旷日持久的监管整顿等一系列问题令投资者惶惶不安。
据中国官媒新华社报道，中国官员表示，将出台对市场有利的政策，维护资本市场的稳定发展。此次会议由刘鹤主持。据新华社报道，与会者还表示，凡是对资本市场产生重大影响的政策，应事先与金融管理部门协调。
周三香港交易时段传出的上述消息推动恒生指数上涨9.1%，创下自2008年末以来的最大单日百分比涨幅。
恒生科技指数大涨22%，收复过去三个交易日的大部分跌幅，科技板块权重股阿里巴巴集团控股有限公司(Alibaba Group Holding Limited, 9988.HK, BABA, 简称：阿里巴巴)和腾讯控股有限公司(Tencent Holdings Ltd., 0700.HK, 简称﹕腾讯)分别跳涨27%和23%。
在中国内地市场，上海和深圳基准股指分别上涨3.5%和4%。
在美上市的中概股周三也掀起涨势，阿里巴巴在美上市股票大涨23%，京东集团股份有限公司(JD.com, JD)攀升29%，腾讯音乐娱乐集团(Tencent Music Entertainment Group, TME)跳涨21%。纳斯达克金龙中国指数飙升25%，该指数包括专注于中国的在美上市公司。
一些市场人士强调了监管过程应该"透明和可预测"的观点，认为中国政府对国内大型互联网平台的整顿应该尽快完成。一年多来，一连串的惩罚和新规，再加上腾讯等多家公司可能受到更多处罚，拖累了中国互联网类股。
安本(Abrdn PLC)亚洲股票投资总监Elizabeth Kwik表示，投资者愈发担心这场整顿行动可能会再持续很多个月，而新华社的声明对于稳定市场人气非常有帮助。她说，对透明和可预测监管的呼吁，缓解了人们对意外罚款或祭出新监管措施的担忧。
一些之前被大量抛售的中国科技股飙升。美团(Meituan, 3690.HK)和京东集团香港上市股票分别上涨30%以上。
新华社补充说，证监会继续加强与美方监管机构的沟通，争取尽快就中美审计监管合作达成协议。中国公司最快将于2024年被逐出美国交易所，这一迫在眉睫的威胁也是最近大跌的主要诱因之一。
中国央行、银保监会和证监会分别发表声明表示支持，并提出了一系列有利于市场和增长的措施。
中国官员有时会采取行动来提振市场情绪。例如，在2018年底，刘鹤和其他一些官员呼吁对中国的经济前景抱有信心，帮助提振了市场。
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
China Shares Soar After Beijing Signals Support; Alibaba Jumps 37%
Hong Kong's flagship Hang Seng Index on Wednesday had its biggest single-day rally since the global financial crisis.
Photo: Paul Yeung/Bloomberg NewsTechnology stocks led a blistering rebound in Chinese shares, with some stocks jumping more than 30%, as investors seized on supportive comments from top Chinese economic policy makers.
The intervention by President Xi Jinping's economic czar, Vice Premier Liu He, and colleagues was aimed squarely at several of investors' biggest concerns. It helped Chinese stocks snap three days of heavy losses, with Hong Kong's main benchmark staging its biggest single-day rally since the global financial crisis.
Chinese stocks have sold off sharply in recent days. Investors are concerned about a range of issues, including U.S. delistings, tensions with the U.S., China's intensifying battle with Covid-19 and Beijing's long-running series of regulatory crackdowns.
Among other things, Chinese officials said they would introduce market-friendly policies and keep the capital market running smoothly, said Xinhua, China's state news agency. Participants at a meeting chaired by Mr. Liu also said any policy that could move markets should be developed in coordination with financial regulators, Xinhua reported.
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The report, published during Wednesday trading hours in Hong Kong, helped push the city's flagship Hang Seng Index up 9.1%, its largest one-day percentage increase since late 2008.
The Hang Seng Tech Index jumped 22%, clawing back most of its losses from the past three sessions, with sector heavyweights Alibaba Group Holding Ltd. and Tencent Holdings Ltd. jumping 27% and 23%, respectively.
In the Chinese mainland markets, benchmark indexes in Shanghai and Shenzhen gained 3.5% and 4%, respectively.
U.S.-listed shares of Chinese companies also staged a rally Wednesday, with Alibaba's U.S. stock rising 37%, JD.com Inc. climbing 39% and Tencent Music Entertainment Group jumping 29%.
The Nasdaq Golden Dragon China Index, which includes China-focused U.S.-listed companies, soared 33%.
Some market participants highlighted comments that said the regulatory process should be "transparent and predictable," and which suggested Beijing's crackdown on the country's big internet platforms should be completed as soon as possible. A barrage of punishments and new regulations, plus the prospect of more penalties to come on companies including Tencent Holdings, has been a drag on Chinese internet stocks for more than a year.
Investors were growing worried this campaign could last many more months, and the Xinhua statement was very helpful in terms of sentiment, said Elizabeth Kwik, investment director of Asian equities at Abrdn. The call for transparent and predictable regulation reduced concerns about surprise fines or new regulation, she said.
Some previously heavily sold Chinese technology stocks rocketed higher. Hong Kong-listed shares in Meituan and JD.com surged more than 30% each.
China's securities regulator is maintaining good communication with its U.S. counterparts and working to cooperate over accounting oversight of U.S.-listed Chinese companies, Xinhua added. The looming threat of Chinese companies being ejected from U.S. exchanges as soon as 2024 has been one of the main triggers for the recent selloff.
The People's Bank of China, the country's banking and insurance regulator and the securities regulator added their support in separate statements that outlined various market- and growth-friendly measures.
Chinese officials sometimes act to shore up market sentiment. In late 2018, for example, Mr. Liu and others called for confidence in China's economic outlook, helping boost the market.
Write to Rebecca Feng at rebecca.feng@wsj.com and Clarence Leong at clarence.leong@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the March 17, 2022, print edition as 'China Shares Jump on Beijing's New Stance.'
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