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China's tech giant Meituan Dianping sees shares jump

Meituan Dianping is backed by Tencent and is a food delivery to ticketing services online giant
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China's food delivery and online services giant Meituan Dianping saw its shares open 5.7% higher on its trading debut in Hong Kong.

The tech giant, which is regarded as China's 'everything app' raised HK$33.1bn ($4.2bn; £3.21bn) from its Hong Kong initial public offering.

Backed by Tencent, the company offers a wide range of services, from instant food ordering to online ticketing. It also operates a bike sharing brand called Mobike.

Analysts said its successful debut was a good sign for other tech giants planning to list in Hong Kong later this year.

US-China trade war: 'It will be American consumers who pay'

President Trump's new round of tariffs on $200bn of Chinese imports won't just hurt China.
The standoff between the world's two largest economies looks unlikely to end anytime soon.

US President Trump is pressing ahead with tariffs on another $200bn of Chinese imports, prompting Beijing to retaliate with levies on $60bn of US goods.

Irwin Stelzer, senior fellow and director of Hudson Institute's Economic Policy Studies Group, said American consumers are likely to bear the brunt of the escalating trade war. 

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Chinese shares helped by government policies

Board showing stock rising in Hong Kong
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Shares in Hong Kong and on China's mainland rose on Wednesday in response to Beijing's latest promise to help boost investment in several areas of China's economy.

In early afternoon trade, both the benchmark Hang Seng in Hong Kong and the Shanghai Composite were up just over 1%.

On Wednesday, China’s Premier Li Keqiang listed several new pro-business policies, including the implementation of equal treatment for foreign investors, some tax cuts, and financing for private businesses.

He also said Beijing would not intentionally devalue the yuan.

The comments come in the wake of a further escalation of the ongoing trade war between China and the US.

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BreakingTrump set to make China trade statement after close

Bloomberg is reporting that US President Donald Trump is expected to make an announcement about China trade after the stock market closes.

US 'ready to negotiate with China'

US and China flags
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More from Larry Kudlow.

He says: "We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations towards free trade to reduce tariffs and non-tariff barriers, to open markets, to allow the most competitive economy in the world, ours, to export more and more goods and services to China."