Chinese tech stocks surged this week, with the Hang Seng Tech Index closing nearly 6% higher. Alibaba hit $100 per share in the U.S. for the first time since last year, and its Hong Kong stock reached its highest since February 2023. Tencent's stock rose nearly 2%, marking its highest close in over two-and-a-half years. The rally followed the People’s Bank of China’s announcement of economic support measures, including mortgage rate cuts and property market aid.