Hong Kong stocks advanced to cap another winning week after Alibaba Group Holding’s results beat market consensus, underpinning a bull run in Chinese tech stocks following DeepSeek’s artificial intelligence (AI) breakthrough.
The Hang Seng Index rallied 4 per cent to 23,477.92 on Friday, while the Hang Seng Tech Index climbed 6.5 per cent. Both gauges marked their best day since October. On the mainland, the CSI 300 Index gained 1.3 per cent and the Shanghai Composite Index added 0.9 per cent.
Alibaba soared 15 per cent to HK$138.50 after both revenue and profit for the quarter to December 31 exceeded analysts’ estimates. E-commerce peer JD.com added 5.1 per cent to HK$161.60 and Tencent Holdings strengthened 6.2 per cent to HK$517. Electric vehicle maker BYD appreciated 4.6 per cent to HK$392.40 after JPMorgan raised its price target for the stock by 60 per cent on better sales outlook.
