China Market Update: “Two Sessions” Drives Technology & Healthcare Rally, Defending PDD & TikTok, Week In Review [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Forbes
of Shiva,” a significant Hindu festival celebrated annually in honor of Lord Shiva. Mainland China and Hong Kong posted gains on decent breadth and volume. News coming from the “Two Sessions” was likely a factor in today's trading. Technology outperformed in Mainland China, where it gained +3.29%, and Hong Kong, where it gained +3.14%. The Ministry of Industry and Information Technology (MIIT) Minister Jin Zhuanglong stated that China needs to “advance the construction of 5G, computing power and other information facilities.” It would be easy to say the government is reacting to US export bans by supporting local players at the expense of Western companies, though the release did not mention the US. Healthcare jumped in Mainland China, where it gained +0.26%, and Hong Kong, where it gained +1.77%, as the Minister of Civil Affairs Lu Zhiyuan spoke on “how to deal with the aging population” with policies coming to “improve social security… improve elderly care service system… improv
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