Hong Kong Stocks Open: Hang Seng Edges Up 0.07% as Tech Shares Mostly Rise, GAC Group (02238) Surges Over 8% on Resumption

Stock News09:51

Hong Kong's benchmark index started Friday with a modest gain, opening 0.07% higher at 24,934.06 points, while the Hang Seng Tech Index climbed 0.47% to 4,338.45 points.

The Hang Seng China Enterprises Index rose 0.23% to 8,303.25 points, and the Red Chip Index advanced 0.18% to 4,137.49 points. In early trading, large-cap technology stocks showed broad strength, with Lenovo Group (00992) up 1.37%, Meituan-W (03690) gaining 1.27%, NetEase-S (09999) rising 1.10%, and Alibaba-W (09988) adding 1.04%. Baidu Group-SW (09888) and JD.com-SW (09618) also posted slight gains, while Tencent Holdings (00700) slipped 0.60%.

Memory and semiconductor-related stocks rebounded, with Tianshu Zhixin (09903), which began ex-rights trading today, surging 3.51%. Haiguang Xinzheng (01191) advanced 1.61%, GigaDevice (03986) gained 1.57%, and Montage Technology (06809) rose 1.56%.

In the automotive sector, GAC Group (02238) resumed trading with a strong open, jumping 8.17% to HK$2.52. The move follows the company's earlier announcement that it plans to acquire a partial stake in a joint-venture vehicle manufacturer held by FAW Group through a share issuance, along with raising matching funds. Trading in its H-shares restarted at 9:00 a.m. today.

Among Hang Seng Index constituents, Haidilao (06862), Hang Lung Properties (00101), and J&T Express-W (01519) led the gains, while Xinyi Solar (00968) and CK Hutchison (00001) were among the laggards. Chinese brokerage stocks remained subdued, with Orient Securities (03958) declining 1.04%.

Overnight, all three major US indices closed lower, with the Dow falling 0.29%, the Nasdaq dropping 0.56%, and the Philadelphia Semiconductor Index tumbling 5.86%. In the previous session on September 14, the Hang Seng Index had closed up 0.45%, though memory, optical communications, and chip stocks were among the biggest decliners.

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