China tech stocks rip higher after Beijing revamps national technology leadership group

China’s technology-heavy ChiNext board posted its biggest daily gain in over a month on Thursday after China said it has revamped a national technology leadership group, signalling more policy support for the sector which is at the centre of the US-Sino trade war. Hong Kong stocks rose in tandem, gaining for a fourth straight day.

The group will be led by Premier Li Keqiang, who has chaired the original body which was formerly called the “National Technology and Education leadership Group” since 2013, along with Vice Premier Liu He as deputy, the government website said on Wednesday.

“The main duties are: to study the strategies for the country’s technology development strategies and major policies; to discuss major technology projects and to coordinate between the State Council and various departments on major technology issues,” the statement said.

The announcement comes as the US-China battleground is increasingly becoming focused on high-end technology after China undertook a major technology transformation designed to move its economy up the value chain.

China’s Nasdaq style ChiNext rose 3.4 per cent or 49.85 points to 1,497.61, marking the biggest daily gain since June 29. The CSI 300 Information Technology Index jumped 5.26 per cent, outperforming other sectors.