Hong Kong stocks climb on China’s vow to step up tech self-reliance, boost domestic market


Hong Kong stocks gained on Friday, driven by tech giants, after China pledged to step up efforts to achieve technological self-reliance and bolster its domestic market over the next five years. The advance came ahead of a meeting between Chinese President Xi Jinping and US leader Donald Trump next week.

The Hang Seng Index climbed 0.6 per cent to 26,149.80 as of 3pm local time, extending a 0.7 per cent gain from Thursday. The Hang Seng Tech Index advanced 1.5 per cent. On the mainland, the CSI 300 Index rose 1.2 per cent and the Shanghai Composite Index added 0.7 per cent.

Tech heavyweights led the gainers. E-commerce firm Alibaba Group Holding jumped 2.3 per cent to HK$168.30, after opening pre-orders for new smart glasses powered by its AI software. Chinese homegrown chipmaker SMIC surged 6.4 per cent to HK$78.80, while short-video platform Kuaishou Technology advanced 1.9 per cent to HK$74.85, and search-engine leader Baidu rose 1.2 per cent to HK$117.90.

Limiting gains, electric-vehicle maker Li Auto fell 2.4 per cent to HK$84.80, while sportswear producer Li Ning slipped 1.9 per cent to HK$18.19, and blind-box toymaker Pop Mart International lost 2.2 per cent to HK$227.

China’s policymakers have set major economic targets for the next five years. Photo: AFP
China’s policymakers have set major economic targets for the next five years. Photo: AFP
China’s policymakers had set major economic targets for the next five years, including achieving significant progress on high-quality growth and a substantial improvement in the strength and self-reliance of science and technology, according to a communique released after the Communist Party concluded the fourth plenum of its powerful Central Committee on Thursday.
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