Chinese Tech Stocks Gain Somewhat

Asia-Pacific stocks were mixed at the close on Wednesday, as optimism continued to drive U.S. stocks, with the S&P 500 and NASDAQ indices reaching record highs overnight.

The Nikkei 225 docked 7.3 points, or 0.9%, to 27,724.80,

In Hong Kong, the Hang Seng Index fell 33.97 points, or 0.1%, to 25,693.95

Chinese tech stocks listed in Hong Kong pared morning gains, losing steam by the close after rallying Tuesday. Tencent shares rose 0.6% after jumping 3% earlier. Food delivery giant Meituan was up 2.3%, popped 5%, while Alibaba lost over 1% reversing morning gains.

Iron ore prices soared, giving mining stocks a boost. They shot up almost 9% on Tuesday, according to Vivek Dhar, commodities analyst at Commonwealth Bank of Australia.

Mining stocks in Australia ended the day higher. Rio Tinto jumped 2.6%, and Fortescue Metals was up 2.6%. BHP rose 1.3%.

Meanwhile, Covid fears continue to dominate Australia as Sydney’s cases hit a new daily record on Wednesday putting parts of the health system under "severe pressure," officials said


In Shanghai, the CSI 300 edged up 9.77 points, or 0.2%, to 4,898.16.

On Tuesday, the country’s cybersecurity regulator said Chinese companies that wish to go public — including those planning to list overseas — must comply with two main aspects of a wider set of regulations. Those remarks come as policy uncertainty this summer has essentially halted Chinese listings in the U.S., after a surge in overseas offerings earlier this year.

Chinese stocks led the NASDAQ as investors gain more clarity on China’s regulatory outlook and buy shares of names that have taken a beating lately.

In other markets

In Shanghai, the CSI 300 edged up 9.77 points, or 0.2%, to 4,898.16.

In Korea, the Kospi index eked up 8.51 points, or 0.3%, to 3,146.81

In Singapore, the Straits Times deleted 0.13 points to 3,107.49

In Taiwan, the Taiex index popped 227.13 points, or 1.4%, to 17,045.86

In New Zealand, the NZX 50 jumped 101.62 points, or 0.8%, to 13,173.48.

In Australia, the ASX 200 strengthened 28.88 points, or 0.4%, at 7,531.87