Hong Kong stocks trend | Hang Seng Index rebounds nearly 600 points, new consumer stocks surge

U.S. stocks rebounded strongly overnight, with Asia-Pacific and A-shares following the rally. After the Hong Kong stock market fell more than 1,600 points over three days, it also saw a rebound today. The Hang Seng Index further extended its midday gains, rising nearly 600 points at one point but still remaining below the 25,000 level.

The Hang Seng Index opened 377 points higher but quickly faced selling pressure, with gains narrowing to 173 points at one point, hitting a low of 24,555 points. Supported by the upward momentum of A-shares, the market’s gains expanded again, with a midday increase of 447 points. In the afternoon, the index gained further momentum, breaking through the morning high, with a maximum rise of 597 points, reaching 24,980 points. As of 2:53 p.m., the Hang Seng Index was up 575 points or 2.36%, at 24,958; the China Enterprises Index rose 165 points or 1.99%, to 8,473; and the Tech Index increased 95 points or 2.03%, to 4,808.

Technology stocks generally performed well, with Tencent (00700) up 2.6% at 511.5 HKD; Meituan (03690) up 2.4% at 78.35 HKD; Alibaba (09988) up 2.4% at 122.6 HKD; Baidu (09888) up 1.9%; Xiaomi (01810) up 1.8% at 32.64 HKD.

Chinese new consumer stocks surged. Yesterday’s sharp decline in Lao Pao Gold (06181) saw its profit soar 2.3 times last year, with dividends increasing nearly 90%, and its stock price jumped 15.1% to 643 HKD, making it the best-performing blue chip for now. Mixue Group (02097) reported a 33% profit increase last year, with its stock rising 6.9% to 344.8 HKD; Pop Mart (09992) up 6.3% at 215 HKD; Guoquan (02517) up 5.7% at 4.25 HKD; Guming (01364) up 4.2% at 28.16 HKD.

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