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%.
