China's Tech Stocks Have Staged a Big Rally

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Hong Kong's Hang Seng Tech Index has soared almost 60% since its lows last October. This comes as the country reopens, and as Beijing lifts its crackdown on technology companies. D.D., China's big ride-hailing app, said it was going to be allowed to sign up new users for the first time in a year and a half.

Goldman Sachs’ profits plunged by two-thirds last quarter while Morgan Stanley reported a 40 per cent year-on-year drop in net income, and companies are facing a record number of shareholder proposals about abortion policies. Plus, Beijing is changing tack in its efforts to secure a firmer grip on the country’s technology companies.

Mentioned in this podcast:

Morgan Stanley retains edge over Goldman due to booming wealth unit

China moves to take ‘golden shares’ in Alibaba and Tencent units

China tech stocks stage $700bn recovery rally

Shareholders bring US abortion battle to the boardroom

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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