After the fines of the Chinese regulatory agencies on the two major financial technology giants, China Science and Technology stocks listed in Hong Kong rebounded on Monday.Analysts believe that this reflects investors to interpret the punishment in a more positive manner, and believes that the strict supervision of the industry has come to an end, which is echoed to the market.
The Hong Kong Hang Seng Technology Index rose 3.2%on Monday (July 10) in the early morning, the biggest increase in the past week.Among the ingredients stocks, Alibaba's stock price of Ant Group's parent company led an increase of 5.6%, rising to a high level of three weeks, and the closure of HK $ 87 (NGD), which reduced to 3.2%; Tencent jumped up to 2.8%as much as 2.8%, Close the market newspaper 328.8 Hong Kong dollars.Baidu, JD, and Meituan's stock price also increased from the previous day when the market was closed.
After the Chinese regulatory agency stopped the first public offering of Ant Group in November 2020, it began to rectify the Internet industry.On Friday (July 7), the People's Bank of China announced a fine of 7.123 billion yuan (RMB, Same, S $ 1.331 billion) on Ant Group.Tencent's financial company's Tenpay Payment was fined nearly 3 billion yuan for violating consumer rights protection management regulations.
Officials say that most of the prominent problems in the financial business of platform enterprises have been rectified, and the focus of the financial management department's work will be transferred from promoting rectification to normal supervision.Some analysts pointed out that the official punishment for the two major technology giants to land indicates that Beijing's antitrust and strong supervision of this field have basically come to an end.
Wang Jun, chief economist of Huatai Assets, studied and judged in an interview with Lianhe Morning Post. The Chinese government has changed significantly in the past year's economic rectification. From the past, it aims to prevent the disorderly expansion of capital.Development and innovation play a greater role in international competition.
He said: "This huge fine as a sign means (supervision) has entered a new stage. From now on, the market is a relatively positive interpretation."
The Political Bureau of the Central Committee of the Communist Party of China held a meeting in July last year that it was stated that it was necessary to promote the healthy and sustainable development of the platform's economy, and centralized the launch of a number of "green lights" investment cases.
Wang Jun pointed out that if relatively negative punishment, if the investment cases that support enterprises can be implemented as soon as possible, they will be able to release more positive signals, guide technology companies to better promote the development of the real economy, innovate and solve employment, etc.As a result, play a greater role.
In order to supplement the employee incentive pool and meet the liquidity of shareholders, the Ant Group announced on Saturday (July 8) that it started a 7.6%repurchase process.Alibaba stated on Sunday that the group is considering whether to participate in the Ant Group's proposed share repurchase.
Wang Jun said that Alibaba's participation in repurchase is expected to increase the valuation of the Ant Group and benefit the potential value of the group's future.He said: "Through shares repurchase, the company can give employees' inspiration to shareholding, helping to better attract outstanding talents. The information passed by the repurchase program is still more positive."
