A benchmark for Chinese technology stocks has risen more than 20 per cent in the past month, entering a bull market as investors pile into the country’s internet companies following DeepSeek’s artificial intelligence breakthrough.

The Hang Seng Tech index, which tracks the 30 largest tech groups listed in Hong Kong, is up 25 per cent from its 2025 low on January 13. It has outpaced the Nasdaq 100’s 4.4 per cent increase and a rise of less than 0.5 per cent for the “Magnificent Seven” US tech stocks on an equal-weighted basis in the past month.

The gains in Hong Kong reflect renewed foreign investor interest in China after DeepSeek, an AI model apparently developed with far less computing power than US counterparts, triggered a global reappraisal of Chinese tech companies.