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

Amjad Ali May 2, 2025

0 2 1 minute read

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

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 22,493.96 at the noon trading break, on track for a third weekly gain. The Hang Seng Tech Index rallied 3.3 per cent, rising 19.4 per cent from a tariff-infused low on April 7.

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 5.5 per cent to HK$52.70 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 4.2 per cent to HK$122.40 after the unveiling of its enhanced artificial-intelligence models.

Bourse operator Hong Kong Exchanges and Clearing advanced 3 per cent to HK$351. Gold producer Zijin Mining rose 3.1 per cent to HK$17.50 after it announced on Wednesday that it would spin off and list its overseas gold businesses. Biotech giant Wuxi AppTec surged 6.2 per cent to HK$63.85.

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