Stock Track | Haidilao Soars 6.85% as Chinese Stocks Rally on Positive Economic Data

Stock Track11-29

Haidilao's stock surged 6.85% in intraday trading on Friday, as Chinese stocks broadly rallied following a series of positive economic data and policy announcements from China.

The Hang Seng Index rose 1.3% and the Hang Seng Tech Index gained 2.7% by mid-session, with stocks like Haidilao, SMIC, Xinyi Solar, Li Auto, and Alibaba posting solid gains. The rally was supported by news that China plans to accelerate development in sectors like telecommunications, Internet of Things, cloud computing, artificial intelligence, blockchain, and satellite navigation.

Additionally, China eased visa rules for Shenzhen residents traveling to Hong Kong, allowing unlimited visits within a year. The Chinese government also reported an increase in local government debt issuance and refinancing in October, as well as improved manufacturing data for November, suggesting that recent economic stimulus measures are taking effect.

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