JD.com, Xiaomi and AIA lead rebound in Hong Kong stocks; Fed clears rate-cut doubts

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Xiaomi was the top blue chip winner after it reported a 32 per cent jump in second-quarter revenue on strong smartphone sales and electric vehicle deliveries

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Hong Kong stocks rallied on Thursday after two days of losses. Photo: Sun Yeung

Jiaxing Li

Published: 10:39am, 22 Aug 2024Updated: 9:02am, 23 Aug 2024

Hong Kong stocks snapped a two-day losing streak, with Xiaomi and AIA rallying on stellar earnings and JD.com leading a tech rebound after a sell-off.

The Hang Seng Index jumped 1.4 per cent to 17,641.00 at the closing of Thursday trading. The Tech Index jumped 2.2 per cent and the Shanghai Composite Index lost 0.3 per cent.

Xiaomi jumped 9 per cent to HK$19.10, the biggest winner among the 82 blue chip index members, after it reported a 32 per cent jump in second-quarter revenue to 88.9 billion yuan (US$12.4 billion) on strong smartphone sales and electric vehicle deliveries.

Insurer AIA advanced 5.9 per cent to HK$54.45 after its first-half profit surged 53 per cent amid mainlanders’ policy-buying spree, while peer Ping An Insurance added 0.9 per cent to HK$34.30 before its reports card later today.

Xiaomi shares surged in Hong Kong following a jump in revenue. Photo: Reuters

JD.com rallied 3.5 per cent to HK$106 to recoup some of the losses on Wednesday triggered by Walmart’s stake sale plan. Alibaba jumped 2.1 per cent to HK$81.65, Tencent added 1.7 per cent to HK$377.80 and Baidu advanced 1.7 per cent to HK$86.45.