Driven by the outstanding performance in the first quarter, overseas-listed technology stock JD.com recorded historical highs last week. The market cap of JD.com was very close to Baidu, the third largest Chinese technology stock. Meanwhile, the market was expecting favorable performance from Tencent and Alibaba, which both hit their record highs last week. Offshore-listed Chinese private enterprises benchmark index CES China Private Elite Index (CES CPE) surged 4.8%.
During the week, the strong momentum of Tencent and the rebound of mainland financials led to significant increase of HK large cap. The HK-listed China large cap index CES HK Mainland Index (CES HKMI) surged 3.7%.
In contrast, mid-small cap A share suffered from serious sell-off for the second week. Related indices plunged 3.6% to 4.4%.
