By Peter Landers
The sudden emergence of Chinese artificial-intelligence developer DeepSeek hit U.S. technology stocks two weeks ago, but closer to home, the company is fueling investors' optimism.
Hong Kong's Hang Seng Index closed 2.6% higher Wednesday led by tech stocks including Alibaba. Here's what has happened recently:
-- The Hang Seng benchmark has risen 16% since Jan. 13, 2025's low point.
-- Raymond Ma, Invesco's chief investment officer for China and Hong Kong, has said DeepSeek's latest R1 AI model was likely to lift e-commerce, AI smartphones and other products.
-- Ma said Chinese stocks were undervalued relative to the U.S. and "there is a strong case" for a reassessment.
-- Alibaba shares jumped 8.5% Wednesday on a potential partnership with Apple to provide AI services to Chinese iPhone users. The e-commerce company is a leading AI developer in the country.
-- Battery maker Contemporary Amperex Technology has applied for a secondary listing in Hong Kong that could be among the financial hub's biggest in years. CATL is already listed in Shenzhen. The listing revived hopes for Hong Kong's initial public offering market, which has been moribund until recently.
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(END) Dow Jones Newswires
February 12, 2025 06:20 ET (11:20 GMT)
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