China’s Star 50 Index rose as much as 9.2% to a record high after the holiday, surpassing its 2021 peak as AI-related momentum lifted semiconductor and tech hardware stocks. Shares of memory chipmakers including Hygon Information Technology Co. and Cambricon Technologies Corp. surged alongside broader regional gains driven by strong global tech sentiment and expectations of higher capital spending by major customers. Fund manager Xu Dawei of Jintong Private Fund Management said the rally reflect

China’s Star 50 Index rose as much as 9.2% to a record high after the holiday, surpassing its 2021 peak as AI-related momentum lifted semiconductor and tech hardware stocks. Shares of memory chipmakers including Hygon Information Technology Co. and Cambricon Technologies Corp. surged alongside broader regional gains driven by strong global tech sentiment and expectations of higher capital spending by major customers. Fund manager Xu Dawei of Jintong Private Fund Management said the rally reflected spillover strength from global peers. Sentiment was also supported by a stronger April services PMI reading of 52.6, helping lift broader Chinese equities, with the Shanghai Composite rising up to 1.2% and the ChiNext Index up as much as 3.7%.