"Hong Kong Stocks" The Hang Seng Index closed up 361 points, with HSBC, AIA, and Alibaba leading the rise as AI stocks surged

The market anticipates the performance of U.S. tech stocks, and the external stock markets have risen. The Hong Kong stock market is performing well. The Hang Seng Index opened up 97 points and the gains expanded, once rising 423 points to a high of 27,188 points, closing up 361 points or 1.4% at 27,126 points; the National Index rose 97 points or 1.1%, closing at 9,244 points; the Hang Seng Tech Index rose 28 points or 0.5%, closing at 5,754 points. The total turnover for the day was HKD 254.373 billion.

Financial stocks led the gains, with HSBC (00005.HK) rising 2.7% to HKD 134.5, Hong Kong Exchanges and Clearing (00388.HK) and Standard Chartered (02888.HK) rising 1.7% and 1.9%, and AIA (01299.HK) rising 4.1% to HKD 86.45. Among the domestic banks, China CITIC Bank (00998.HK) and Agricultural Bank of China (01288.HK) rose 3.3% and 2.6%, while Industrial and Commercial Bank of China (01398.HK) rose 1.9%. Among domestic insurance stocks, China Life (02628.HK) rose 6%, while China Pacific Insurance (00966.HK), PICC (01339.HK), Ping An (02318.HK), and Taikang (02601.HK) rose between 2.3% and 3.2%.

Alibaba (09988.HK) launched a new reasoning model Qwen3-Max-Thinking, with performance comparable to GPT-5.2 and Gemini 3 Pro, and the stock rose 2.8%. The dark side of the moon open-source Kimi K2.5 model has led to a surge in AI-related stocks, with KNOWLEDGE ATLAS (02513.HK) and INSILICO (03696.HK) rising over 7%, and MINIMAX (00100.HK) soaring 26.5%. Cloud service providers Kingsoft Cloud (03896.HK) and GDS Holdings (09698.HK) rose 9.7% and 7%, while chip stocks SMIC (00981.HK) and Hua Hong (01347.HK) rose 1.4% and 2.7%. There are reports of further price increases for memory chips, leading to a 3.4% rise in chip equipment stock ASMPT (00522.HK).

In other tech stocks, Tencent (00700.HK) rose 1.3%. Meituan (03690.HK), NetEase (09999.HK), and Baidu (09888.HK) fell between 0.2% and 0.7%, Kuaishou (01024.HK) rose 0.3%, and Bilibili (09626.HK) rose 5.9%. JD.com (09618.HK) subsidiary JD Property has submitted a new listing application, and the stock price fell 2.2%. Mobile component stock Q Technology (01478.HK) rose 5.6%. Sunny Optical (02382.HK) submitted a listing application for its proposed spin-off of automotive-related optical business, and the stock rose 1.9%.

In the automotive sector, BYD (01211.HK) fell 0.2%, Xiaomi (01810.HK) rose 1%, Seres (09927.HK) fell 2.4%, and automotive radar system provider Hesai (02525.HK) fell 5.1% Automotive parts stocks such as Nexperia (01316.HK), Fuyao Glass (03606.HK), and Hongteng (06088.HK) each rose over 4%. Pharmaceutical stocks CSPC Pharmaceutical (01093.HK) and InnoCare Pharma (09606.HK) rose 3.5% and 5.4%, respectively. Hansoh Pharmaceutical (03692.HK) issued a zero-coupon convertible bond of 4.68 billion yuan, and its stock price fell 4.4%. Online therapy management company Ark Health (06086.HK) saw a nearly 12% discount in its old-to-new placement, with its stock price plunging 19.6%.

Zijin Mining International (02259.HK) spent 28 billion yuan to fully acquire United Gold, and its stock rose 11.6%, while Zijin (02899.HK) rose 2.9%. Other gold and silver stocks fell, with China Silver Group (00815.HK) down 4.9%, and Shandong Gold (01787.HK), Zhaojin Mining (01818.HK), and China Gold International (02099.HK) down over 2%.

In other stocks, Anta (02020.HK) spent over 1.5 billion euros to acquire a 29% stake in Puma, becoming the largest shareholder, and its stock price rose 2%. Conant Optical (02276.HK) had a placement with a discount of over 11%, raising nearly 1.4 billion yuan, and its stock price rose 4.2%. Real estate stock Hang Lung Properties (00101.HK) retreated 4.5%, while New World (00017.HK) rose 6.2%. China General Nuclear Power Corporation (01164.HK) fell 3.6%, while Harbin Electric (01133.HK) rose 5.9%