Hong Kong stocks rebounded to the 26,000 level on Friday

Hong Kong stocks rebounded by over 100 points to return back to the 26,000 level on Friday. 

The benchmark Hang Seng Index closed at 26,085, up 149 points, or 0.58 percent. For the week, the index rose 226 points, or 0.87 percent, marking its second consecutive week of gains.

The Hang Seng Tech Index rose 47 points, or 0.84 percent, to 5,662. 

Total market turnover was HK$210.473 billion, with a net inflow of HK$1.34 billion from northbound funds.

Technology stocks initially fell before stabilizing. Xiaomi (1810) rose 1.9 percent. Alibaba (9988) rose 0.4 percent. JD.com (9618) rose 0.8 percent. However, Tencent (0700) fell 0.3 percent. 

Baidu (9888) rose 5 percent after its AI chip business, Kunlunxin, plans its initial public offering in Hong Kong. 

Two newly listed stocks both plunged: Guangzhou Xiao Noodles Catering Management (2408) fell 27.8 percent Guangdong Tianyu Semiconductor (2658) opened 30.2 percent lower.

In mainland China, the Shanghai Composite Index gained 0.7 percent to 3,902 points while the Shenzhen Component Index rose 1 percent to 13,147.