Shares of Alibaba and Tencent surged on Friday, following reports that Chinese President Xi Jinping is set to hold a high-level meeting with top private-sector executives, including Alibaba co-founder Jack Ma.
Investors welcomed the news as a positive signal for China's private economy, driving Alibaba up 6% and Tencent more than 7%, leading a rally in Chinese tech stocks.
The meeting, scheduled for Monday, aims to restore business confidence amid economic headwinds and U.S. tensions. Attendees reportedly include:
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Jack Ma (Alibaba)
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Lei Jun (Xiaomi)
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A senior executive from Huawei
Jack Ma’s presence is especially symbolic, marking what many interpret as a thaw in Beijing’s stance toward prominent entrepreneurs.
This will be President Xi’s second meeting of this nature—the first being in 2018, when the government pledged strong support for private enterprises. With rising pressure on the economy and strained geopolitical ties, this new round of engagement may signal a shift in private sector policy support.