The Hang Seng Index advanced 0.3 per cent to 26,232.57 at 9.50am local time, adding to the 1 per cent gain on Monday. The Hang Seng Tech Index nudged 0.1 per cent higher. On the mainland, both the CSI 300 Index and the Shanghai Composite Index slid 0.1 per cent.
Technology firms led the rise. Search-engine Baidu surged 5.4 per cent to HK$124.90, while Chinese home-grown chipmaker SMIC jumped 3.4 per cent to HK$75.30. WeChat operator Tencent Holdings added 1.6 per cent to HK$638, and online travel-booking agency Trip.com advanced 0.7 per cent to HK$557.
BYD rose 0.7 per cent to HK$99.75, after Goldman Sachs raised targets for its A shares and H shares by 8 per cent to 144 yuan and HK$141 per share, respectively, forecasting its overseas market to be a key driver in the next 10 years.
Among major losers, electric-vehicle maker Li Auto tumbled 1.4 per cent to HK$79.80, while e-commerce firm JD.com lost 0.9 per cent to HK$126.10. Sportswear producer Li Ning fell 1.4 per cent to HK$16.71 and peer Anta Sports Products lost 0.8 per cent to HK$80.70.
The surge among Hong Kong’s tech stocks mirrored an acceleration in US AI trade overnight. Amazon jumped 4 per cent to US$254 overnight in the US after OpenAI agreed to pay for access to hundreds of thousands of Nvidia GPUs under their US$38 billion partnership, while Microsoft struck a roughly US$9.7 billion deal to secure additional AI computing capacity from IREN.
