Hong Kong Stocks Rally as China Industrial Profits Return to Growth

MT Newswires Live05-27

Hong Kong stocks rallied on Monday as Chinaâs industrial profit returned to growth after the market went through the biggest weekly decline since January. Data showed that Chinese industrial companies' profits rose about 4% from a month earlier in April.

The Hang Seng Index rose by 1.17%, or 218.41 points, to close Mondayâs session at 18,827.35. The Hang Seng China Enterprises Index rose by 1.25%, or 82.89 points, 6,688.13.

In corporate news, Qunabox Group (HKG:0917) made a stellar trading debut in Hong Kong Monday morning as its shares soared 32% at the opening bell. The marketing service provider opened at HK$33 per share, well above its IPO price of HK$25.

China Agri-Productsâ (HKG:0149) shares fell over 5% as its unit Grandwick agreed to sell Huai'an Hongjin Agricultural By-Products Logistics to Huaiâan Qingjiangpu Rongfeng Agricultural Development, owned by Huaiâan Qingjiangpu Government, for an initial consideration of 28.9 million yuan.

China Evergrande New Energy Vehicle Groupâs (HKG:0708) shares ballooned over 81% at todayâs close as Evergrande Health Industry Holdings Limited and Acelin Global Limited, pending due diligence, agreed to enter a sale and purchase agreement (SPA) with a third-party potential purchaser for about 3.14 billion shares, representing 29% of share capital, of the company.

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The Hang Seng China Enterprises Index rose by 1.25%, or 82.89 points, 6,688.13.</p><p>In corporate news, Qunabox Group (HKG:0917) made a stellar trading debut in Hong Kong Monday morning as its shares soared 32% at the opening bell. 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