Chinese Stocks Rally on Growing Tech Bets, Defying Global Selloff

Group 1 - Chinese stocks showed resilience, with the STAR 50 Index rising 3.5% to its highest level since October, driven by optimism over technology self-reliance initiatives from Beijing [1][3] - The broader onshore benchmark CSI 300 ended the day slightly higher, indicating overall positive market sentiment despite global pullbacks [1][3] - Chinese policymakers have pledged to accelerate the development of homegrown artificial intelligence and technological breakthroughs, contributing to the outperformance of the stock market [3] Group 2 - Chip stocks in China experienced significant gains, with Loongson Technology Corp. rising 20% and Hygon Information Technology Co. advancing 13%, attributed to higher memory prices and a focus on self-sufficiency in the chip supply chain [4] - The national team's exchange-traded funds (ETFs) saw record turnover, particularly in small cap indices, despite regulatory efforts to slow the pace of market gains [4] - Analysts suggest that the broader uptrend in Chinese stocks will continue due to a lack of investment alternatives onshore, positioning China as a global outperformer [5]