 02-May-18, The Edge Markets

Global investors helped drive Chinese tech stocks 70% higher in 2017, with shares of the two Internet giants, Tencent and Alibaba, more than doubling as they chased high-growth tech plays.

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One area that has long been touted as a key driver for China tech plays is payments. China has leapfrogged into a cashless society. Aside from digital payments, Alibaba and Tencent are pouring money into logistics and delivery as well as mobile digital payments.

Ant "may look like a payment business today, but... The business model has already expanded beyond mere payments to include credit cards, other lending, banking services, wealth management, savings, pensions and insurance," said Oliver Cox, portfolio manager for JPMorgan ­Asset Management in Hong Kong.

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