• Shares of Chinese tech firms in Hong Kong soared on Wednesday trade, as the Hang Seng Tech index climbed around 2%.
• Stocks in Hong Kong have been on a general upward trend since the release of a state media report last Wednesday signaling support for Chinese shares.
• Positive earnings reports and announcements of share buybacks by firms such as Xiaomi and Alibaba have also likely buoyed investor sentiment.

Shares of Chinese internet giants in Hong Kong soared Wednesday, continuing an upward trek that started around a week ago.

By the Wednesday market close in Hong Kong, Alibaba surged 6.72% and Meituan jumped 2.09%, while NetEase gained 3.91%.

Shares of Chinese smartphone maker Xiaomi also saw its stock climb 4.08%, following a Tuesday announcement of plans to repurchase shares in the open market "from time to time" at a maximum aggregate price of 10 billion Hong Kong dollars ($1.28 billion). Xiaomi also announced a 21.4% year-over-year rise in its fourth-quarter revenue.

The Hang Seng Tech index gained 2.05% to 4,749.12, though it still sits more than 16% lower year-to-date.

Stocks in Hong Kong have mostly been moving higher since the release of a state media report last Wednesday signaling support for Chinese shares.

In particular, the article said regulators should "complete as soon as possible" the crackdown on internet platform companies.

Announcements of share buybacks by tech firms such as Alibaba and Xiaomi in recent days have also likely buoyed investor sentiment.

JPMorgan Asset Management's Tai Hui said the Chinese government's regulatory reforms, particularly on internet companies, have weighed on Chinese stocks.

"The government will have to demonstrate being predictable and transparent when making changes in real life, and this could take time," said Tai, chief Asia market strategist at the firm. "Financial performance in quarters ahead would help investors to determine how these rule changes impact their long term earnings potential."