Hong Kong stocks closed shy on Wednesday, Kuaishou rallies 7 percent

Hang Seng Index fell further at market close on Wednesday.

The benchmark Hang Seng Index dropped 181 points, or 0.74 percent, to 24,312 points.

The market turnover was at HK$270 billion.

Tech gauge was up 0.22 percent to 4,669 points.

Kuaishou rose 7.34 percent, the best performer among tech blue chips, after Bloomberg reported that the company plans to raise over US$2 billion (HK$15.6 billion) for its video-generation model, Kling AI, at a post-money valuation exceeding US$18 billion.

Among other tech stocks, Sunny Optical Technology (2382) rallied 6.64 percent, Semiconductor Manufacturing International Corporation (0981) rose 2.36 percent, and Baidu (9888) rose 1.36 percent.

In the mining and materials sector, CMOC (3993) rose 1.62 percent.

In the utilities sector, ENN Energy (2688) rose 1.78 percent.

HSBC (0005) was up 1.37 percent.

Meanwhile, Li Auto (2015) and Laopu Gold (6182) both fell 3.75 percent. Haidilao (6862) fell 3.62 percent, JD Health (6618) fell 3.28 percent, and Meituan (3690) fell 1.2 percent.

Oil major CNOOC (0883) dropped 3.14 percent.

Bank of China fell 2.74 percent.

In the mainland, the Shanghai Stock Exchange Composite Index rose 16 points, or 0.4 percent, to 4,108 points. The Shenzhen Stock Exchange Composite Index rose 1.31 percent to 15,880 points.
 

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