Chinese tech companies gather momentum after electric car maker Nio surges 76pc in New York
Tencent builds on yesterday’s big gains, while BYD rises 8.2 per cent
Hong Kong-listed Chinese stocks closed higher on Friday, following a strong performance by China shares in the US led by electric car maker Nio and renewed hopes of US-China trade talks.
In Hong Kong, Tencent lifted the market higher. After surging 5 per cent on Thursday, the Chinese social media giant ended up 1.9 per cent at HK$330.00. Smartphone component suppliers AAC Technologies Holdings and Sunny Optical Technology (Group) climbed 5.5 per cent and 3.2 per cent, respectively. Xiaomi, the world’s fourth-largest smartphone maker, also advanced 1.7 per cent.
Meanwhile, BYD, China’s largest electric car maker, gained 8.2 per cent to HK$49.10.
The Hang Seng Index finished 1 per cent higher at 27,286.41, adding to a 2.5 per cent rise on Thursday.
Overnight on Wall Street, Chinese tech shares posted a broad surge.
Nio soared 76 per cent to US$11.60 on its second day of trading, after raising US$1 billion in its initial public offering.
Pinduoduo, an online group discounter, jumped 30 per cent to US$29.96. Momo, a social networking platform, and Weibo, the Chinese equivalent of Twitter, rose 6.7 per cent and 5.8 per cent each.
Alibaba Group Holding and Baidu gained 2.5 per cent and 1.7 per cent separately.