On Monday, Hong Kong-listed growth stocks had a strong day, as the Hang Seng Index gained +1.75% and the Hang Seng Tech Index gained +2.59% following U.S. President Donald Trump and China President Xi Jinping’s Friday phone call that took place after Asia markets closed and before the U.S. markets opened.

The CSI300 Index has dropped roughly 5% since Trump won the election on Nov. 5 with a threat to impose steep tariffs of 60% on Chinese goods, but had already rebounded over the past week amid gestures of goodwill between Beijing and Washington.

Asian equities were higher, except for Hong Kong and Mainland China, which were off following President Trump’s 10% tariff threat, which prompted profit-taking after six days of gains.

China’s government has begun incrementally stimulating their economy, which could be a tailwind for China equities, which may have bottomed in January of last year.