(Bloomberg) -- Chinese technology stocks continued their rebound on Monday after Beijing slapped a smaller-than-expected fine on food delivery giant Meituan.
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Hong Kong’s Hang Seng Tech Index jumped as much as 3% in third day of gains after closing at a record low on Wednesday. Meituan rose as much as 8.6%, making it the top gainer on the gauge.
READ: China Fines Meituan $530 Million in End to Antitrust Probe
Among other tech stocks to advance Monday, Alibaba Group Holding Ltd. climbed as much as 7.9%, the most since Aug. 24, while JD Health International Inc. rose as much as 7%.
Sanford C. Bernstein analysts described the fine on Meituan as “a good outcome” while Xiong Lin, a fund manager at Shanghai Ruiyi Investment Development Center, said the result was “was better than expected.”
While the sentiment from this is positive, the tech gauge remains more than 40% below its February peak and the sector’s outlook is still clouded by the government’s sweeping regulatory crackdown.
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