Market speculation about government intervention lifted major Hong Kong-listed tech and internet stocks. Tencent (00700) rose 3.39% to HK$396.60, nearing recovery of the HK$400 level. Alibaba (09988) gained 2.94% to HK$99.90, briefly rising above HK$100 but failing to sustain. Meituan (03690) advanced 3% to HK$73.75. Baidu (09888) initially declined but reversed to gain 0.66%, closing at HK$76.20.
Xiaomi (01810) reported record-breaking October car deliveries, with its shares rising 6.27% in the morning session to HK$28.14. BYD (01211) also gained 3.44% to HK$70.60, while CATL (03750) surged 6.73% to HK$361.60, leading gains among blue-chip stocks.
Anticipation of official support for mainland capital markets lifted Chinese insurance stocks. Ping An (02318) rose 2.03% to HK$50.75, China Life (02628) jumped 4.86% to HK$25.04, Chubb (02328) gained 1.41% to HK$16.51, and New China Life (01336) advanced 4.63% to HK$40.64. Chinese securities firms also rose: CITIC Securities (06030) surged 6.34% to HK$21.14, Guotai Junan & Haitong (02611) rose 4.69% to HK$13.63, and China Galaxy (06881) gained 3.94% to HK$6.985.
Bank of China (Hong Kong) (02388) plunged 4.16% to HK$48.40 after its earnings release. The other two Hong Kong banks also declined: HSBC (00005) fell 2.14% to HK$132.80, and Standard Chartered (02888) dropped 3.43% to HK$214. Despite continued net interest margin recovery in the first three quarters, all four major Chinese banks fell after earnings. Bank of China (03988) declined 3.91% to HK$5.905, Agricultural Bank of China (01288) fell 3.1% to HK$6.725, ICBC (01398) dropped 2.15% to HK$7.725, and China Construction Bank (00939) softened 1.66% to HK$10.09.
The top three most actively traded stocks on the Hang Seng Index were Tencent, Xiaomi, and Alibaba. (ey)