The Hang Seng Index closed up 702 points or 2.99% at 24,199 today, recovering above the 24,000 level and the 20-day moving average at 23,770 points after declining 119 points yesterday. Large-cap tech stocks led the rally, with the index reaching an intraday high of 24,310 points, up 814 points. Northbound capital inflow totaled HK$14.196 billion, supporting the market's advance as 73 of 93 blue-chip stocks posted gains on turnover of HK$375.835 billion.
Hang Seng Index Gains 702 Points to Close at 24,199
The Hang Seng Index opened 44 points higher at 23,541 this morning, marking the day's low. The index extended gains rapidly, rising 560 points by midday. Afternoon trading saw a fresh rally push the advance to over 800 points, reaching an intraday peak of 24,310 points before retreating slightly into the close. The Hang Seng China Enterprises Index rose 313 points or 4.04% to 8,084, while the Hang Seng Tech Index climbed 223 points or 4.97% to 4,731.
Tech Stocks Lead Market Rally with Double-Digit Gains
Technology stocks dominated the day's gains. Alibaba (09988) surged 12.2% to HK$107.5, Xiaomi (01810) jumped 9.5% to HK$25.3, and Kuaishou (01024) rebounded 8.7% to HK$43.98 after plunging 12% yesterday, making these the three strongest-performing blue chips. Tencent (00700) rose 3.8% to HK$478.8, Meituan (03690) gained 3.3% to HK$80.9, Baidu (09888) advanced 6.3% to HK$117.6, JD.com (09618) climbed 3.8% to HK$108.4, and NetEase (09999) increased 4.2% to HK$213.8. Lenovo (00992) rose 6.9% to HK$22.32, while SMIC (00981) added 3.2% to HK$75.8.
Mainland Banks and Oil Stocks Advance on Sector Strength
Mainland banking stocks attracted buying interest. China Construction Bank (00939) rose 5.7% to HK$8.28, Bank of China (03988) gained 5.6% to HK$5.09, and Industrial and Commercial Bank of China (01398) climbed 5.1% to HK$6.82. Oil stocks advanced as crude prices recovered. CNOOC (00883) rose 3.2% to HK$21.78, PetroChina (00857) gained 2% to HK$9.12, and Sinopec (00386) edged up 0.5% to HK$4.1.
Decliners included HSBC Holdings (00005), which fell 0.9% to HK$151.9, WH Group (00288), down 5.4% to HK$7.84 as the day's worst-performing blue chip, CATL (03750), which dropped 3.7% to HK$628, and Techtronic Industries (00669), down 3.2% to HK$126.1.
Zhipu AI Surges 13.4% on Lockup Expiry Day
Zhipu AI (02513) soared 13.4% to HK$1,825 on the day its share lockup restrictions expired. China National Radio cited company sources reporting that multiple institutional investors explicitly stated their long-term confidence and intention to continue holding shares. Kingdee International (00268) jumped 15% to HK$7.29 after forecasting a mid-year turnaround to profit of RMB 40 million to RMB 60 million. Kelun-Biotech (06990) fell 6.7% to HK$479.4 after pricing a share placement at an 8.5% discount to raise over HK$2.7 billion, though the stock held above the placement price of HK$470.2.
Five new stocks debuted with mixed performance. AI vision technology company ReadSense (07656) closed at HK$21, down 3% from its IPO price of HK$21.66. Autonomous driving system developer ECARX (07687) finished at HK$96.7, up 10% from its IPO price of HK$87.92.
FAQ
What drove the Hang Seng Index's 702-point gain today?
Large-cap technology stocks led the rally, with Alibaba surging 12.2%, Xiaomi jumping 9.5%, and Kuaishou rebounding 8.7%. Northbound capital inflow totaled HK$14.196 billion, providing additional support as 73 of 93 blue-chip stocks advanced.
How did mainland banking stocks perform today?
Mainland banks posted strong gains, with China Construction Bank rising 5.7% to HK$8.28, Bank of China gaining 5.6% to HK$5.09, and Industrial and Commercial Bank of China climbing 5.1% to HK$6.82.
Why did Zhipu AI surge 13.4% on its lockup expiry day?
China National Radio cited company sources reporting that multiple institutional investors explicitly stated their long-term confidence in Zhipu AI and intention to continue holding shares despite the expiry of lockup restrictions.
