Market Roundup

Hong Kong stock market initially fell before rebounding. The HSI opened 85 points lower before rebounding, rising 238 points, or 0.9%, to 26,397. The HSCEI rose 104 points, or 1.1%, to 9,394. The HSTECH rose 134 points, or 2.2%, to 6,301. Market turnover totaled HK$150.92bn at the mid-day. Alibaba (9988) launched the Tongyi Qianwen 3-Max model and received Cathie Wood's first purchase of its ADRs in four years. Its share price rose 6.4%. Chip stocks SMIC (0981) and Huahong (1347) rose 7% and 8% respectively. Chip equipment stock ASMPT (0522) rose 8.4%. Kingsoft Cloud (3896) proposed an offering of 282mn ordinary shares, and its share price fell 6.8%.

Source: KGI Investment Products and Solutions Department

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