Hong Kong stocks climb on tech rally; Alibaba surges to four-year high

Hong Kong stocks once rose over 400 points on Wednesday, buoyed by heavyweight technology stocks

The benchmark Hang Seng Index gaining 359 points, or 1.37 percent, to close at 26,518. Turnover fell 1.97 percent to HK$288.7 billion.

The Hang Seng Tech Index surged 2.53 percent to 6,323.

Alibaba (9988) jumped more than 9 percent to a four-year high after being bought by Cathie Wood’s Ark Investment and announcing plans to increase AI investment and a Physical AI collaboration with Nvidia, contributing over 200 points to the benchmark and being the top-performing blue-chip.

In the mainland, the Shanghai Composite Index closed up 31 points, or 0.83 percent, at 3,853, while the Shenzhen Component Index rose 236 points, or 1.8 percent, to 13,356.

STAFF REPORTER