AsianFin -- Chinese tech stocks soared on Friday, with the Hang Seng Tech Index jumping more than 5%, reaching its highest level since early 2022, fueled by a wave of positive earnings reports that sparked optimism for the sector.

Shares of Alibaba Group Holding Ltd. soared nearly 14% after the e-commerce giant posted sales that exceeded analyst expectations. Bilibili Inc. also saw its stock rise following better-than-expected results, and Lenovo Group Ltd. experienced a boost in share prices after reporting revenue growth driven by strong demand for AI computing infrastructure.

In recent weeks, Chinese tech stocks have gained momentum, particularly after local AI startup DeepSeek’s breakthrough prompted investors to reassess the outlook for the country's top internet companies. Earlier this month, the Hang Seng Tech Index entered a bull market, driven by excitement around DeepSeek's AI model. Additionally, optimism was fueled by a recent meeting between President Xi Jinping and Alibaba founder Jack Ma, signaling a more favorable stance from Beijing toward the tech sector's growth.

The broader Hang Seng China Enterprises Index also saw a rise, up more than 3%.