Shares in China’s tech companies surged on the year’s final day of trading following big gains on Wall Street for US-listed Chinese businesses, though the rally was not enough to shake off the gloom after a woeful 2021 for the sector marked by a sweeping regulatory crackdown.

Hong Kong’s Hang Seng index opened more than 2 per cent higher on Friday, while the exchange’s tech index rose more than 4 per cent. China’s CSI 300 of Shanghai- and Shenzhen-listed stocks was up 0.5 per cent.

The rally followed a boost for Wall Street’s MSCI Golden Dragon index of large- and mid-cap Chinese companies, which jumped 9.4 per cent on Thursday, its best one-day performance in more than a decade. The rise was driven by double-digit gains for companies including internet group Tencent, search engine Baidu, video-sharing platform Bilibili and New Oriental Education.