Market Roundup

Hong Kong stock market initially fell before rebounding. The HSI opened 85 points lower before rebounding, closing up 359 points, or 1.4%, at 26,518. The HSCEI rose 152 points, or 1.6%, to 9,442, and the HSTECH rose 156 points, or 2.5%, to 6,323. Total market turnover reached HK$288.8bn. Alibaba (9988) launched the Tongyi Qianwen 3-Max model, projecting a tenfold increase in Alibaba Cloud's global data center energy consumption by 2032 compared to 2022 levels. Cathie Wood also bought Alibaba's ADRs for the first time in four years, sending Alibaba's stock price up nearly 9.2%. Data center-related stock GDS (9698) also rose 6.6%.

Source: KGI Investment Products and Solutions Department

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