Hong Kong stocks surge on trade-talk optimism, US gains by tech giants

Benchmark Hang Seng Index heads for third weekly gain as China’s Commerce Ministry says it is considering trade talks with the US

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Shipping containers are stacked in front of docked vessels and gantry cranes at the Yantian International Container Terminal on April 12, 2025, in Shenzhen. Photo: Getty Images/TNS

Published: 10:10am, 2 May 2025Updated: 4:45pm, 2 May 2025

Hong Kong stocks rose on Friday, boosted by optimism surrounding potential trade talks between China and the US, as well as an overnight rally on Wall Street fuelled by strong earnings reports from some tech giants.

The Hang Seng Index advanced 1.7 per cent to 22,504.68, capping a third weekly gain. The Hang Seng Tech Index rallied 3.1 per cent, rising 19.2 per cent from a tariff-infused low on April 7. The Hong Kong market will be closed for a public holiday on Monday.

Mainland stock exchanges were closed for the Labour Day holiday and will resume trading on Tuesday. The benchmark CSI 300 index lost 3 per cent in April.

Smartphone and electric-car maker Xiaomi rose 6.3 per cent to HK$53.10 after it reported a year-on-year increase in EV deliveries in April and Deutsche Bank raised its target price to HK$74 from HK$71.50. E-commerce giant Alibaba Group Holding gained 3.8 per cent to HK$122 after the unveiling of its enhanced artificial-intelligence models.

Bourse operator Hong Kong Exchanges and Clearing advanced 3.1 per cent to HK$351.20. Gold producer Zijin Mining rose 2.8 per cent to HK$17.46 after it announced on Wednesday that it would spin off and list its overseas gold businesses. Biotech giant Wuxi AppTec surged 7.1 per cent to HK$64.40.

Standard Chartered Bank rose 0.7 per cent to HK$113.60 after its quarterly profit beat expectations.