Baidu, Meituan, JD.com jump as Hong Kong stocks record fresh 4-year high
Investors bet on AI innovations as policy address by Hong Kong’s leader boosts sentiment for supportive measures
The Hang Seng Index added 1.8 per cent to 26,908.39 for the highest close since July 23, 2021. The Hang Seng Tech Index jumped 4.2 per cent. On the mainland, the CSI 300 Index advanced 0.6 per cent, while the Shanghai Composite Index added 0.4 per cent.
Gold miner Zijin Mining Group slumped 2 per cent to HK$28.78, while blind box toymaker Pop Mart International dropped 0.4 per cent to HK$255.40 and Hong Kong builder Henderson Land Development lost 0.8 percent to HK$27.96.
“China’s internet leaders are accelerating AI monetisation, backed by domestic chip development and large language model innovation,” said Eva Lee, head of Greater China equities at UBS Global Wealth Management, in a recent report. “This resilience reinforces our confidence in AI leaders with scalable infrastructure. We favour AI-driven and alpha growth names with strong execution.”