Hong Kong tech stocks rise as Alibaba climbs 12%

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Hong Kong tech stocks rise as Alibaba climbs 12%

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Hong Kong tech stocks rose on July 8, led by Alibaba-W, which surged 12.11%, while Kuaishou-W and Xiaomi Group-W gained 8.70% and 7.62%, respectively.

The gains came as investors responded to AI developments and policy support for Hong Kong’s capital markets.

Recent catalysts included Meituan, a Beijing-based food delivery and local services platform, releasing LongCat-2.0, a 1.6 trillion-parameter model for agentic coding with a 1 million-token context window.

Kuaishou invested 19 billion yuan (US$2.8 billion) in Kling AI, including US$200 million from Tencent.

Tencent also released its Hunyuan Hy3 model.

At Hong Kong’s Asian Financial Forum, central bank governor Pan Gongsheng said China would increase the share of its foreign exchange reserves allocated to Hong Kong assets.

He also announced a 100 billion yuan (US$14.7 billion) renminbi trade-financing liquidity arrangement for Hong Kong banks, alongside support for offshore renminbi government bond futures, and broader market connectivity.

🔗 Source: Cailianshe

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