Beijing's stimulus plans propel China's tech stocks to a 13-month high, with Alibaba and Tencent leading the charge.

• This week, Chinese tech stocks, including Alibaba, experienced a surge in demand, reaching new highs after a year of decline.
• The central bank of China announced measures to stimulate its economy, which is the world's second-largest.
• On Thursday, Tencent's stock reached its highest level in over two-and-a-half years, while Alibaba closed above $100 per share for the first time since August last year in the U.S.

The Chinese tech industry experienced a surge in stock prices this week, with even struggling companies like Alibaba reaching new highs, following the announcement of economic stimulus measures by the central bank.

The Hang Seng Tech Index in Hong Kong, comprising mainly of big Chinese tech stocks, experienced a near 6% increase at its peak today, marking its highest point since early August 2023. This week, the index has risen by 20%.

The e-commerce giant's shares in Hong Kong are around 18% higher this week, reaching their highest close since February 2023 on Friday, up nearly 5%. In the U.S., the company's stock closed above $100 per share for the first time since August last year on Thursday, after surging 10% during the session.

Tencent, the owner of China's largest messaging app WeChat and one of the world's largest gaming firms, saw its stock close nearly 2% higher at 437.80 Hong Kong dollars per share. This marks the firm's highest close in over two-and-a-half years, following a 49% increase in its stock value this year due to a recovery in its core gaming business.

The food delivery giant's stock price closed at 164.60 Hong Kong dollars per share, which is 8% higher than the previous session and the highest close level since February last year.

The People's Bank of China announced a cut to the amount of cash that banks need to have on hand, and the market uptick came after the central bank outlined plans to further support the struggling property market, including extending measures for two years and cutting the interest rates on existing mortgages.

The Chinese government has announced measures in an attempt to stimulate the economy. Prior to the cuts, investors were hesitant to invest in Chinese tech companies such as Alibaba and Meituan, which are highly sensitive to the Chinese economy and consumer behavior.

David Tepper, billionaire hedge fund founder, has stated a bullish tone on Chinese stocks after the U.S. Federal Reserve cut interest rates this month. He has increased his investment in Chinese companies such as Alibaba and Baidu.

Other names including and also logged share increases this week.

Although there has been a recent increase, Chinese tech stocks are still far from their peak values achieved in 2021.

- CNBC's Evelyn Cheng contributed to this report.