China says it will support Chinese IPOs abroad, calls for closure on tech crackdown

cnbc.com:

BEIJING — China signaled support for Chinese stocks on Wednesday, after days of worries about U.S. delisting risks sent the stocks plunging in New York and Hong Kong.

Chinese and U.S. regulators are progressing toward a cooperation plan on U.S.-listed Chinese stocks, state media said, citing a financial stability meeting Wednesday chaired by Vice Premier Liu He.

Liu also heads the central government's finance committee and is a member of the Chinese Communist Party's central committee politburo — the country's second-highest circle of power.

«The Chinese government continues to support various kinds of businesses' overseas listings,» the state media report said in Chinese, translated by CNBC. The article said regulators should «complete as soon as possible» the crackdown on internet platform companies.

The report of Wednesday's meeting also said authorities would work towards stability in Hong Kong's financial market as well as the struggling real estate sector.

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Hong Kong's Hang Seng Index extended earlier gains, surging 9% Wednesday afternoon, rebounding from its lowest close in six years. Chinese tech giants Alibaba and Tencent soared more than 20%, while other major Chinese tech stocks jumped.

«China's top leaders finally broke the silence to respond to the recent market selloff,» Larry Hu, chief China economist at Macquarie, said in a report. «The tone of the meeting is strong, suggesting that policymakers are deeply concerned about the recent market