Hong Kong Market Closes Higher as Auto and Tech Stocks Lead Gains, Hang Seng Surges Nearly 2% Above 25,000 Level

Hong Kong's major indices climbed on Wednesday (29th), extending recent gains. The Hang Seng Index closed up 1.96% or 491 points, rising above 25,807.92, with intraday highs exceeding 500 points. The Hang Seng Tech Index gained 2.84%, ending at 4,864.73, while the H-share Index rose 2.22%. Total market turnover surged significantly to HK$312.23 billion, reflecting robust trading sentiment.

On the market front, auto and tech stocks were the main drivers of the rally. Fueled by humanoid robot developments and production delivery expectations, the auto sector saw broad gains. Li Auto led the pack with a strong 9.9% gain at closing; Leapmotor followed closely with a 9.5% surge.

Among tech giants, Xiaomi Group surged 8.95% to HK$31.88, supported by policy tailwinds and recovering new consumer demand, with turnover reaching HK$15.154 billion. Tencent Holdings rose 4.29%, leading the market in trading volume. Meanwhile, new consumption概念股 such as Blooker, which received institutional endorsement for its overseas expansion prospects, rose sharply by 15.93%.

Contrary to the broader market trend, memory-related stocks suffered a setback today. The core reason was that although SK Hynix reported a record second-quarter operating profit, it still fell short of market expectations. Combined with South Korea's stock market triggering a circuit breaker, sentiment was dampened, causing the two-times leveraged long SK Hynix ETF (CSOP 2x Long SK Hynix) to plummet 13.99%. Additionally, rising concerns over potential long-term overcapacity in AI PCB manufacturing led to a broad pullback in PCB-related stocks, with Core Micro Equipment plunging 15.8%.

CITIC Securities noted that Hong Kong, backed by valuation advantages, improved capital structure, and room for short-covering, is becoming one of the key markets globally for capital to shift from crowded trades toward undervalued value assets.