Chinese tech shares jump, help key indexes notch best month in eight

Chinese tech shares jumped on April 30, helping mainland benchmarks post their best month in eight months as investors digested stronger Chinese factory data and a sharp move in individual tech names.

Reuters reported that the Shanghai Composite rose 5.66% in April and the CSI300 gained 8.03%, their biggest monthly gains since August. The rally was led in part by Chinese technology stocks, which drew support from upbeat earnings and a better tone in the broader market.

China's official April manufacturing PMI came in at 50.3, according to the National Bureau of Statistics, keeping factory activity in expansion territory for a second straight month. The reading added to evidence that the mainland economy was stabilizing, even as global markets faced fresh geopolitical and policy risks.

Cambricon Technologies was among the standout performers after reporting first-quarter net profit up 185% year on year. Its gains helped reinforce the broader tech-led advance in mainland shares.

Hong Kong traded in the opposite direction. The Hang Seng fell as markets reacted to renewed inflation concerns from the U.S. Federal Reserve, highlighting the contrast between mainland momentum and a weaker tone in regional equities.

For now, the month-end move leaves Chinese investors watching whether the tech rally can carry into the next trading session after the Labor Day break.