A rally in solar and electric-vehicle (EV) makers sustained gains that sent Hong Kong stocks to the highest close in more than three and a half years, as expectations built that a high-level government meeting in China will ramp up measures to weed out excess capacity in those emerging industries.
The Hang Seng Index finished at a level not seen since November 18, 2021, rising 0.3 per cent to 25,057.11 for a third day of gains. The Hang Seng Tech Index added 0.1 per cent. Xinyi Solar Holdings, a maker of solar wafers, and EV maker BYD led the pack of gainers. Humanoid robot manufacturer UBTech Robotics tumbled on a share-placement plan.
On the mainland, the CSI 300 Index closed 0.8 per cent higher, and the Shanghai Composite Index inched up 0.6 per cent. Infrastructure construction companies and building-material makers surged on the prospect that China’s plan to build a massive hydropower dam in Tibet would boost demand.
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