Hong Kong Stocks Rise Marginally; Jiangsu Lopal Tech Eyes HK$700 Million from IPO

MT Newswires Live10-22

Hong Kong stocks improved slightly on Tuesday, rising enough to enter green territory as sentiment remained on the fence with investors eyeing further stimulus measures to give the economy a boost.

The Hang Seng Index marginally rose to finish Tuesday's session at 20,498.95. The Hang Seng China Enterprises index soared 0.3%, or 22.44 points, at 7,363.

Investors believe fresh stimulus measures are essential to complement China's recent actions for monetary relaxation, a South China Morning Post report stated.

China's central bank cut interest rates by a quarter percentage point Monday while financing instruments for stock purchases were also introduced recently.

Chinese automakers rose Tuesday, leading the upward movement of Hong Kong stocks. Geely Automobile (HKG:0175), Li Auto (HKG:2015), and XPeng (HKG:9868) soared 8%, 5%, and 2%, respectively.

In corporate news, Jiangsu Lopal Tech (HKG:2465) launched its initial public offering in Hong Kong Tuesday, looking to raise up to HK$700 million.

The lubricants manufacturer is offering 100 million shares at between HK$4.5 and HK$7 apiece.

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