Alibaba, JD.com, Tencent lead Hong Kong stock advance after China industrial profits jump
Industrial profits among mainland firms jumped 20.4 per cent in August from a year earlier, official statistics released on Saturday say
The Hang Seng Index jumped 1.9 per cent to 26,622.88 as of the close of trading, overcoming last week’s 1.6 per cent loss. The Hang Seng Tech Index rose 2.1 per cent. On the mainland, the CSI 300 Index gained 1.5 per cent and the Shanghai Composite Index strengthened 0.9 per cent.
E-commerce company Alibaba Group Holding jumped 4.1 per cent to HK$173.40, while peer JD.com added 3.1 per cent to HK$136.60. WeChat operator Tencent Holdings advanced 2.5 per cent to HK$660, while food-delivery service provider Meituan rose 2.2 per cent to HK$102.80.
Online travel-booking platform Trip.com advanced 2.7 per cent to HK$598 ahead of the eight-day golden week holiday. Battery manufacturer Contemporary Amperex Technology rallied 3.1 per cent to HK$547 after analysts from global banks including Goldman Sachs bet on a strong demand outlook for its batteries.
Limiting gains, blind box toymaker Pop Mart International slumped 1.6 per cent to HK$261.80, while electric-car maker Li Auto fell 1.5 per cent to HK$98.55 and smartphone and car maker Xiaomi lost 2 per cent to HK$53.55.
Industrial profits among mainland firms jumped 20.4 per cent in August from a year earlier, snapping back from a 1.5 per cent decline in July, according to data released by the National Bureau of Statistics on Saturday. The data covers firms with annual revenue of at least 20 million yuan (US$2.8 million) from their main operations.