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China, Hong Kong stocks rebound sharply as govt calms nerves

Reuters2021-07-29

SHANGHAI, July 29 (Reuters) - China and Hong Kong stocks rebounded sharply in early trade on Thursday, led by tech shares, after the Chinese government moved to sooth investor panic over mounting regulatory risks.

The CSI300 index rose 1.2% to 4,818.78 points at 0139 GMT, while the Shanghai Composite Index gained 1.0% to 3,394.74 points.

The Hang Seng index in Hong Kong was up 1.8%, to 25,925.07 points. The Hang Seng Tech Index jumped over 4%.

Global investors had dumped shares in Chinese companies after China published rules over the weekend that ban for-profit tutoring in core school subjects. Beijing has also launched an anti-monopoly campaign against tech giants.

China's recent policy tightening against the tutoring industry and Internet platforms is good for long-term development of the country, and China remains committed to opening up its capital markets, the official Xinhua News Agency said late on Wednesday.

Meanwhile, the China Securities Regulatory Commission (CSRC) on Wednesday night held a meeting with executives of top global investment banks with the aim to calm financial markets nerves, people familiar with the matter told Reuters.

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