Hong Kong stocks rise, led by tech as Alibaba boosts AI spending, gets Ark Invest buy-in
Wednesday marked the first time the Hong Kong stock market stayed open during a No 10 storm signal, the highest warning level
Hong Kong stocks rose on Wednesday, ending a two-day decline, after Chinese tech giant Alibaba announced plans to scale up investment in artificial intelligence infrastructure and got a vote of confidence from a prominent US investor, sparking a rally in the wider Chinese tech sector.
The Hang Seng Index rose 1.4 per cent to close at 26,518.65. The Hang Seng Tech Index rose 2.5 per cent. On the mainland, the CSI 300 Index rose 1 per cent and the Shanghai Composite Index added 0.8 per cent.
Shares of JD.com and Meituan also rallied 3.7 per cent to HK$133 and 1.1 per cent to HK$102.10, respectively, following the Chinese market regulator issuing rules to tamp down on runaway competition in the meal-delivery arena.
Limiting gains, New Oriental Education & Technology, an online education firm, fell 1.7 per cent to HK$39.94, and toymaker Pop Mart slipped 2 per cent to HK$258.80.