HONG KONG: Hong Kong’s main stock index rallied above 24,000 points for the first time in three years on Thursday (Feb 27), putting it up 20 per cent in 2025 thanks to a surge in Chinese technology giants.
The Hang Seng Index jumped 1.2 per cent to as much as 24,076.53, its highest level since February 2022.
Investors have been flocking into the market in recent weeks to snap up long-neglected tech names after Chinese startup DeepSeek unveiled a chatbot that upended the AI scramble.
Confidence in the sector has also been helped by Beijing’s moves to bring tech firms in from the cold after years of government crackdowns on the industry.
Market heavyweight Alibaba was among the big winners, adding 2 per cent, putting it up almost 70 per cent this year.
Tencent gained even more and rival JD.com added 0.7 per cent.
The excitement over China’s tech sector has helped Hong Kong weather worries over Donald Trump’s latest tariff salvos against US partners as he embarks on another trade war.
