Baidu, Meituan, JD.com jump as Hong Kong stocks rise towards fresh 4-year high
The Hang Seng Index rose 1.7 per cent to 26,882.93 as of 3.05pm local time, on track for the highest close since July 23, 2021. The Hang Seng Tech Index jumped 4.2 per cent. On the mainland, the CSI 300 Index advanced 0.6 per cent, while the Shanghai Composite Index added 0.4 per cent.
Search-engine giant Baidu soared 16.3 per cent to HK$131.70 after global equity research firm Arete Research Services raised its rating to buy from sell and Goldman Sachs analysts said the firm’s AI model showed potential to surpass DeepSeek.
Gold miner Zijin Mining Group slumped 2.3 per cent to HK$28.70, while blind box toymaker Pop Mart International dropped 0.9 per cent to HK$254.20 and Hong Kong builder Henderson Land Development lost 1 percent to HK$27.90.
“China’s internet leaders are accelerating AI monetisation, backed by domestic chip development and large language model innovation,” said Eva Lee, head of Greater China equities at UBS Global Wealth Management, in a recent report. “This resilience reinforces our confidence in AI leaders with scalable infrastructure. We favour AI-driven and alpha growth names with strong execution.”
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