Baidu, Meituan, JD.com jump as Hong Kong stocks rise towards fresh 4-year high

The Hang Seng Index added 1.2 per cent to 26,752.70 as of 11am local time, on track for the highest close since July 23, 2021. The Hang Seng Tech Index jumped 3.2 per cent. On the mainland, the CSI 300 Index advanced 0.6 per cent while the Shanghai Composite Index added 0.2 per cent.

Search-engine giant Baidu soared 14 per cent to HK$129, and food-delivery service provider Meituan gained 6.1 per cent to HK$106.30. E-commerce company JD.com advanced 5.9 per cent to HK$137.70 while peer Alibaba Group Holding added 5.1 per cent to HK$161.30. WeChat operator Tencent rose 1.9 per cent to HK$657.70 after announcing it raised 9 billion yuan (US$1.3 billion) in a three-tranche offshore yuan bond deal, the first such move in four years.

Gold miner Zijin Mining Group slumped 2.5 per cent to HK$28.64, while blind box toymaker Pop Mart International dropped 0.8 per cent to HK$254.40 and logistics firm ZTO Express fell 0.8 per cent to HK$148.

Investors are seeking signals on the Federal Reserve’s policy trajectory that could define the outlook for the coming months, with markets pricing in a quarter-point cut while some bond traders are betting on a half-point move.

China hailed the framework agreement to shift TikTok’s US assets to American ownership as a “win-win”, with state media stressing the deal was grounded in mutual respect and cooperation. The agreement, expected to be confirmed in a Friday call between Trump and Xi, is seen as pivotal to sustaining dialogue between the world’s two largest economies.