Hong Kong Stocks Continue to Rise on Vice-Premier Pledge to Boost City's Economy, Year-on-year Increase in Country's Fiscal Revenue

Hong Kong stocks continue to grow for the second day following Vice-Premier He Lifeng's pledge to restore investor confidence in the city and boost listings, market access, and yuan trading.

The year-on-year increase in the country's fiscal revenue in October has also served to strengthen economic momentum.

The Hang Seng Index rose by 0.44%, or 87.06 points, to close Tuesday's session at 19,663.67. The Hang Seng China Enterprises Index rose by 0.36%, or 25.11 points, to close at 7,082.21.

Hong Kong's seasonally adjusted unemployment rate rose to 3.1% for the August to October period from 3% in July to September, a Monday report by the Census and Statistics Department said.

China's fiscal revenue increased 5.5% year over year in October, while tax revenue increased 1.8% year over year. For the first 10 months of the year, fiscal revenue slid 1.3% to 1.850 trillion yuan, while national tax revenue slid 4.5% year over year to 1.508 trillion yuan.

Meanwhile, Fitch Ratings has assigned an A (Strong) insurer financial strength rating to Generali Life (Hong Kong), according to a Friday release. However, the insurer's company profile remains moderate due to its short operating history, small scale, and less diversified sales channels.

In corporate news, SF Holding (HKG:6936, SHE:002352) on Tuesday launched its initial public offering in Hong Kong, offering 170 million H shares at HK$32.30 to HK$36.30 apiece. The logistics service provider expects to determine the final IPO price on Nov. 25 and disclose the allocations on Nov. 26. It will then start trading on the Hong Kong bourse on Nov. 27.

Country Garden Services Holdings (HKG:6098) plans to award up to 109 million of its shares to selected participants. The company will also repurchase up to 334.3 million of its shares on the market to hold in treasury for the share award scheme or to cancel them. The company's shares soared over 6% on Tuesday's close.

Zijin Mining Group (HKG:2899, SHA:601899), completed the amendment of the industrial and commercial registration of a limited partner, Fujian Strait Talent Venture Capital. The shares of the company closed nearly 5% higher on Tuesday.