Hong Kong stocks closed higher, mainland property developers, tech companies rallied

 

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The Hang Seng Index gained 0.5% to get back above 20,000 mark and closed at 20,049, the Hang Seng China Enterprises Index up 1.2% and the Hang Seng Tech Index up 1%.

Technology companies, education companies, mainland property developers and financial institutions outperformed, Sunac China surged nearly 18% after the homebuilder said that more than 85% of its exiting debt have acceded to restructuring agreement.

Baidu gained about 4% after founder Robin Li said that Baidu’s generative AI model “Ernie Bot” has completed the fourth technical upgrade after months of internal testing, with the foundation model reasoning cost reduced to 1/10 of the original figure. Gas suppliers, coal miners, automakers and Hong Kong retailers also outperformed.

Home appliance makers tumbled, with Hisense sliding more than 6%. Defence stocks, semiconductor companies and heavy machinery manufacturers were mostly lower, with SMIC down 2.6%.