Hong Kong stocks rise on tech, health gains as mainland China turnover hits record
Alibaba Health soars over paediatric drug deal as trading volume on Shanghai and Shenzhen exchanges tops US$513 billion
Hong Kong stocks rallied on Monday, lifted by gains in healthcare and technology shares, while daily turnover on mainland China’s exchanges surged to a record high.
The Hang Seng Index climbed 1.4 per cent to close at 26,608.48, while the Hang Seng Tech Index climbed 2.9 per cent. On the mainland, the CSI 300 Index advanced 0.65 per cent and the Shanghai Composite Index gained 1.1 per cent.
Trading volume on the Shanghai and Shenzhen exchanges shares hit a record 3.58 trillion yuan (US$513.2 billion), surpassing the previous high of 3.43 trillion yuan on October 8 last year, when stocks surged after China signalled a shift in policies to stabilise growth. Monday’s rally was driven by surging AI-related stocks.
Alibaba Health, the healthcare arm of Alibaba Group Holding, led gainers on the Hong Kong stock exchange, surging 10.2 per cent to close at HK$6.36, following news on Thursday that it had partnered with a Beijing-based pharmaceutical company in paediatric specialty innovative drugs. JD Health International, JD.com’s healthcare arm, also climbed 5 per cent to close at HK$67.05.
Chinese delivery giant Meituan advanced 6.6 per cent to HK$105, while Kuaishou Technology, a short-video platform operator, rose 7.4 per cent to HK$80.25.
Limiting the gains, Chinese drug maker Hansoh Pharmaceutical Group fell 2.3 per cent to HK$40.64, home appliance maker Media Group fell 2.8 per cent to HK$86.50 and garment maker Shenzhou International dropped 2.8 per cent to HK$62.40.