SHANGHAI: US-listed shares of Chinese technology companies rose, driven by signs of China easing its regulatory crackdown on the country’s internet companies, while falling COVID-19 cases raised hopes of a boost to economic activity. Chinese Vice-Premier Liu He told tech executives on Tuesday that the government supported the development of the sector and will back tech firms pursuing listings in the country and overseas.

American despository receipts of companies such as Baidu Inc, Pinduoduo Inc, Alibaba Group, iQiyi Inc and Didi Global rose between 5.5% and 13.5%.

Liu spoke at a meeting convened by China’s top political consultative body, the Chinese People’s Political Consultative Conference (CPPCC).

The conversations between China’s ruling body and technology executives does seem to bring about expectations that the tech crackdown might be coming to an end, said Danni Hewson, an analyst at AJ Bell.

“When you look at some of the valuations now, they look good by comparison to some of the US tech stocks and there is a massive marketplace for them,” Hewson added.

Shanghai reported no new COVID-19 cases outside of quarantine zones and the nation’s caseload fell as the city plans to resume outdoor activities in stages.

The country’s state planner also said it would strengthen support for manufacturers, service sector and small firms as COVID-19 lockdowns hit economic activity.

Chinese technology companies have been hit since the country cracked down on the sector in late 2020.