Hong Kong Stocks Opened Higher, Tencent Rose 1.34%, Alibaba Rose 1.74%

Market Express12-18

On December 18, 2024, the Hong Kong stock market opened broadly higher. The Hang Seng Index rose 0.93%, the National Enterprise Index rose 1.06%, the Hang Seng Technology Index rose 1.48%, and the Red Chip Index rose 0.38%.

In the industry sectors, aluminum stocks, popular tech stocks, automotive stocks, and education stocks showed notable movements.

Tencent rose 1.34% after the company repurchased 1.74 million shares at a price range of HK$401.8 to HK$407 per share on December 17, 2024, spending HK$703 million. Alibaba rose 1.74% as the market focused on its capital operations following the sale of Intime Department Store.

Meituan rose 3.91% as the company announced measures to manage excessive orders by riders, including rest prompts and mandatory offline periods, with specific rules to be announced later. Xiaomi rose 1.67%, JD.com rose 2.11%, and HKEX rose 1.26% after announcing a two-phase reduction in the minimum price fluctuation unit for trading stocks in the Hong Kong market to enhance market liquidity and reduce trading costs. SF Holding rose 1.38% after signing a strategic cooperation agreement with Huawei to collaborate in smart logistics and supply chain areas. XPeng rose 3.95% as Bilibili continued its share repurchase, pushing its stock price up. NIO rose 1.01%, and Bilibili rose 2.23% as it continued its share repurchase program.

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