MARKET

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Shares of Wuxi Biologics are surging more than 10% in Hong Kong on media report that the company is now one step closed to being removed from the US “Unverified List.”

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Shares of Chinese coal miners stage a strong rally on Tuesday, with an Index tracking the sector compiled by Wind Information surging by nearly 3%, making it the best-performing sector in the A-share market.

Total smartphone sales during China’s 618 Online Shopping Festival fell about 10% from the same period last year, indicating that the overall consumer appetite for smartphones was hurt by the repeated COVID-19 waves and a slowing economy, according to a report from Counterpoint.

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Hong Kong stocks open higher on Tuesday, with the benchmark Hang Seng Index up more than 1%, the Hang Seng China Enterprises Index up 1.24% and the Hang Seng Tech Index up 1.5%.

Chinese air cargo transport is showing signs of further recovery, as several Chinese and overseas airlines start new routes or resuming services amid easing epidemic controls in major cities such as Beijing, Guangzhou and Shanghai.

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The National Development and Reform Commission (NDRC), China’s top economic planner, said it held a meeting with hog farming industry bodies and leading hog breeders on Monday, urging them to ensure steady supply after prices surged in recent months.

China’s Silk Road Fund has signed an agreement to invest up to 20 billion yuan ($2.99 billion) in Indonesia’s sovereign wealth fund, the two funds said in a joint statement on Monday.