Hong Kong stocks end 4% higher on tech hopes

Tech firms led a four per cent rally in Hong Kong stocks on Friday after a report indicated Chinese officials plan to ease their crackdown on the sector.

The Hang Seng Index rose 4.01 per cent, or 813.22 points, to 21,089.39.

The Shanghai Composite Index rose 2.41 per cent, or 71.58 points, to 3,047.06, and the Shenzhen Composite Index on China's second exchange gained 3.89 per cent, or 70.41 points, to 1,878.88.

The official Xinhua news agency reported that a meeting of the government's decision-making body ended with officials saying it was "necessary to promote the healthy development of the platform economy" and "complete its rectification".

The report suggests a step back from the sweeping clampdown on the country's biggest firms, which has rattled the tech sector and global markets.

In the Politburo meeting, chaired by Xi Jinping, officials also said there was a need to "respond to market concerns in a timely manner".