Hong Kong Stocks Advance on Tech Rally
The Hang Seng Index rose 0.3%, to around 24,500 on Tuesday, supported by gains in technology and semiconductor stocks amid improving global sentiment. Wall Street staged a strong rebound led by technology shares as semiconductor stocks recovered from last week’s sharp selloff. A sharp decline in oil prices further lifted risk appetite by easing concerns over energy costs and inflation. Locally, investor interest in the semiconductor sector was reinforced by the Hong Kong debuts of two Chinese chipmakers, Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology, which raised a combined US$301 million through their initial public offerings. Jiangsu Xinde surged 20.5% on its first trading day, while Suzhou Denglin opened 0.9% below its offer price. Hong Kong’s IPO fundraising has reached US$51.9 billion so far this year, approaching the 2010 record of US$57.8 billion. Among the notable gainers were Z.AI Co. (7.8%), Kingboard Laminates (7.3%), MiniMax (7.3%), and Lenovo (5.7%).
The Hang Seng Index rose 0.3%, to around 24,500 on Tuesday, supported by gains in technology and semiconductor stocks amid improving global sentiment. Wall Street staged a strong rebound led by technology shares as semiconductor stocks recovered from last week’s sharp selloff. A sharp decline in oil prices further lifted risk appetite by easing concerns over energy costs and inflation. Locally, investor interest in the semiconductor sector was reinforced by the Hong Kong debuts of two Chinese chipmakers, Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology, which raised a combined US$301 million through their initial public offerings.
Jiangsu Xinde surged 20.5% on its first trading day, while Suzhou Denglin opened 0.9% below its offer price. Hong Kong’s IPO fundraising has reached US$51.9 billion so far this year, approaching the 2010 record of US$57.8 billion. Among the notable gainers were Z.AI Co. (7.8%), Kingboard Laminates (7.3%), MiniMax (7.3%), and Lenovo (5.7%).