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HK Stocks Continue to Rise. HSTECH Soars 4%; Tencent, Meituan Rocket over 8%; BYD Company, Alibaba up About 6%; NIO, JD up Around 5%; SMIC up over 4%

Market Watcher06-02 13:21

Hong Kong stock market continued to rise on Tuesday. The Hang Seng Index (HSI) rose 1.78%, the Hang Seng China Enterprises Index (HSCEI) increased by 2.33%, the Hang Seng Tech Index (HSTECH) rose by 3.97%.

Tencent, Meituan rocketed over 8%; BYD Company, Alibaba up about 6%; NIO, JD up around 5%; SMIC up over 4%.

Meituan’s quarterly losses shrank after repeated warnings from Beijing helped cool the red-hot competition that hammered margins in China’s online commerce arena.

The company reported an operating loss of 6.5 billion yuan (US$961 million or RM3.81 billion) for the three months ended March, better than the average analyst projection for about nine billion yuan. Revenue grew 5.6% to 91 billion yuan, about in line with projections.

Tencent Holdings extended intraday gains to 5.78% after reports it is close to launching a WeChat AI assistant.

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