The Hang Seng Index in Hong Kong surged by more than 2% on Monday, marking an increase of over 20% since January 22nd. This advancement signifies the index’s entry into a bull market, joining a series of other indexes in China and Hong Kong that have achieved similar milestones in recent weeks.

Monday’s trading showed an expansion of the rally that has made Hong Kong’s equities among the best performers globally in April. The growth was supported by substantial inflows from mainland China, as well as a rotation by global funds into relatively inexpensive Chinese internet stocks, which have a significant weight in the Hang Seng Index.

“The recent rally and outperformance were likely driven by some re-allocation flows as global risk sentiment deteriorated and China, with its deep discount, found support from investors,” wrote strategists at Nomura Holdings Inc., including Chetan Seth.