Shares in Tencent nearly double from October low as China prepares to end crackdown

Shares of Tencent Holdings Ltd. have nearly doubled from their recent lows on growing signs that China is preparing to end its crackdown on major tech firms as well as optimism about the country’s reopening.

The online giant has risen about 95% in Hong Kong since Oct 28, as approvals for industry funding and new games have begun to trickle in again. In a major tailwind for the industry, some policymakers have called for a halt to China’s harshest regulatory curbs.