The Hang Seng Index climbed 1.64%, adding 377 points to reach 23,335, while the Hang Seng Tech Index gained 1.43%. Morning trading turnover in Hong Kong stocks amounted to HK$107.1 billion.
Mengniu Dairy (02319) surged over 7%, leading gains among blue-chip stocks. Expectations of a recovery in milk prices are seen as likely to drive improvement in profitability, with institutions optimistic that the company is entering a new cycle. New Oriental Education & Technology Group-S (09901) rebounded more than 6%, as its first-quarter revenue growth outpaced the full-year guidance, with JPMorgan describing margin pressure as manageable.
Pegbio Biopharmaceuticals-B (02565) rose as much as over 30%, driven by growing expectations for reimbursement coverage of its innovative drug pipeline, particularly for vetpegnatide. Shanghai Petrochemical (00338) gained 9.8% after reporting a turnaround to profitability in the first three quarters, with tight refined oil supply conditions expected to persist.
Lingyi iTech (01688) advanced more than 8% as its third-quarter revenue and profit hit record highs, with the controlling shareholder planning to increase holdings of H-shares by HK$100 million to HK$200 million. Baige Online (02672) climbed another 13% to a new listing high, with third-quarter MaaS revenue reaching approximately 25.6 million yuan, up about 29.33% quarter-on-quarter.
First Tractor Company (00038) rose 8.9%, with third-quarter net profit increasing by 20% year-on-year. Sinopec (00386) gained 4% as its net profit attributable to shareholders for the first three quarters grew 30% year-on-year, helped by improving refining and chemical product spreads.
Zhongji Innolight (03308) fell 1.5%, as third-quarter net profit attributable to shareholders rose 8.46% quarter-on-quarter, though profit growth lagged behind revenue growth. Sany International (00631) dropped 14% after its net profit for the first three quarters declined 2.6% year-on-year, weighed down by rising raw material costs in its emerging businesses.
Anker Innovations (00668) plunged over 9% to a new low, as third-quarter net profit attributable to shareholders fell 27.04% year-on-year, with the timing shift of Amazon Prime Day disrupting revenue.
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