Hong Kong stocks rose on Wednesday on renewed optimism about China’s tech industry prospects, while investors awaited global AI chip leader Nvidia’s earnings.
The Hang Seng Index gained 0.3 per cent to 25,608.45 at 9.55am local time, rebounding from a 1.2 per cent loss in the previous session. The Hang Seng Tech Index climbed 0.8 per cent. On the mainland, the CSI 300 Index rose 0.1 per cent and the Shanghai Composite Index slipped 0.1 per cent.
Xiaomi rose 2.1 per cent to HK$54.60 after Moody’s upgraded its rating due to robust growth and profitability in its electric vehicle (EV) and IoT smart hardware businesses. EV maker Nio jumped 7.2 per cent to HK$53.10, while SMIC climbed 2.1 per cent to HK$57.40.
E-commerce giant Alibaba Group Holding rose 0.7 per cent to HK$122.10, while Horizon Robotics, which makes AI chips for self-driving cars, added 1.3 per cent to HK$7.98 ahead of its earnings report later on Wednesday.
Chinese AI chipmaker Cambricon Technologies posted a dramatic financial turnaround, achieving a first-half net profit of 1.03 billion yuan (US$144 million) compared with a loss in the previous year. Revenue surged around 44-fold from a year earlier to 2.9 billion yuan, driven by robust domestic demand for AI chips and government support for home-grown technology.
The company’s shares advanced 3.8 per cent to 1,380.10 yuan. The Shanghai-listed stock has more than doubled this year, reflecting increased investor confidence in its growth trajectory and strategic positioning within China’s AI ecosystem.
