Market Roundup

Hong Kong stock market rose significantly, driven by Alibaba (9988). The HSI opened 430 points higher and subsequently extended its gains to 560 points, ending the day up 442 points, or 1.8%, at 25,520. The HSCEI rose 138 points, or 1.5%, to 9,085, and the HSTECH rose 100 points, or 1.8%, to 5,775. Market turnover reached HK$235bn during the day. Alibaba (9988) reported a 14% drop in adjusted EBITA for the first fiscal quarter. Reports indicate the company is developing AI chips, sending its share price surging 17.3% during the day. Hua Hong (1347) plans to acquire the remaining 97.5% of Shanghai Huali Microelectronics. After its A-shares resumed trading, its H-shares rose 6.3% before falling 1%. SMIC (0981) is planning to acquire a 49% stake in SMNC. Trading of its A-shares was suspended, but its H-shares rose 4.9% during the day.

Source: KGI Investment Products and Solutions Department

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