Lenovo Group's stock experienced a remarkable surge of 14.26% in intraday trading on Friday, fueled by the company's outstanding quarterly results and the broader enthusiasm for Chinese tech stocks driven by advances in artificial intelligence (AI) and fund rotation.
The tech giant's shares skyrocketed after it reported quarterly earnings that smashed analyst estimates, propelling the stock to near a ten-year high. Lenovo's impressive financial performance, coupled with the company's strategic focus on AI and other emerging technologies, resonated strongly with investors.
The rally in Lenovo's stock was further amplified by the broader bullish sentiment surrounding Chinese tech stocks listed in Hong Kong. The Hang Seng Tech Index climbed to a three-year high, marking its sixth consecutive week of gains, the longest winning streak since 2020. This momentum was fueled by earnings surprises from major tech firms and global investors' renewed interest in the sector following the launch of DeepSeek, a low-cost Chinese AI model that has reignited excitement for Chinese technology companies.
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