
Hong Kong stocks rise as US, China negotiators gear up for trade talks
Advertisement
The Hang Seng Index rose 1.3 per cent to 24,109.48 at 9.55am local time. The Hang Seng Tech Index jumped 2.3 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.3 per cent.
Delivery platform Meituan rose 4.5 per cent to HK$148.10 and short video platform firm Kuaishou Technology advanced 4.3 per cent to HK$61.65.
Other large tech stocks also performed well: JD.com added 4.1 per cent to HK$134 and Alibaba Group Holding rose 2.1 per cent to HK$119.10. Alibaba owns the Post.
On the flip side, Geely Automobile Holdings dropped 0.9 per cent to HK$17.78 and electric-vehicle maker BYD fell 0.7 per cent to HK$400.40 amid an industry-wide price war.
Advertisement
Top trade negotiators from the US and China were scheduled to engage in talks in London on Monday, raising hopes that tariff tensions could ease as both nations seek to bolster their economies.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


RTHK
29 minutes ago
- RTHK
HK stocks end flat in wait for trade talks' direction
HK stocks end flat in wait for trade talks' direction The Hang Seng Index ended trading for the day 18 points down at 24,162. File photo: AFP Mainland and Hong Kong stocks gave up early gains to close lower on Tuesday as investors adopted a risk-off stance ahead of fresh cues from the ongoing high-level Sino-US trade talks in London. In Hong Kong, the benchmark Hang Seng Index ended trading for the day 18.56 points, or 0.077 percent, down at 24,162.87. The Hang Seng China Enterprises Index fell 0.15 percent to end at 8,767.36 while the Hang Seng Tech Index fell 0.76 percent to end at 5,392.19. Further north, the benchmark Shanghai Composite Index ended down 0.44 percent at 3,384.82. The Shenzhen Component Index closed 0.86 percent lower at 10,162.18. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was down 1.17 percent to close at 2,037.27. The trade talks extended to a second day as top officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare earths, threatening a global supply chain shock and slower economic growth. "US-China talks are definitely the focus for markets this week, yet after the first day of negotiations we're seeing that markets are relatively flat," said Sean Teo, a sales trader at Saxo in Singapore. The two parties are negotiating more complex strategic issues like rare earths, semiconductors and student visas, which are unlikely to be resolved in this meeting alone, he said, so markets are taking a more wait-and-see approach after the initial optimism. The meeting comes at a critical time when China's exports to the US plunged 34.5 percent in May. Semiconductor and defence stocks led the decline, dropping more than 2 percent each at the close. Shares of rare earth companies, which is at the center of the negotiations, extended their rally, with China Rare Earth Holdings jumping 13 percent, after a 60 percent gain in the previous session. Hang Seng Mainland Properties gained 1.9 percent, following a new government guideline released on Monday that vowed to increase the supply of affordable housing. Weaker-than-expected trade and inflation data on Monday is adding to investor hopes of more government stimulus, Bob Savage, head of markets macro strategy at BNY, said in a note. (Reuters/Xinhua)


South China Morning Post
an hour ago
- South China Morning Post
Pop Mart's Labubu becomes bait for China's Ping An Bank to lure young customers
Hoping the world's trendiest monster will scare up some new customers, China's Ping An Bank is rewarding those who open new accounts with a Pop Mart Lababu doll amid fierce competition for young customers among Chinese retail banks. New clients who open a savings account and deposit more than 50,000 yuan (US$6,954) for at least three months could receive a blind box from the first or second series of the Chinese toy retailer's popular collectibles, according to media reports. Customers who also apply for a credit card could receive a blind box from the third series. With its pointy ears, sharp teeth and mischievous grin, Labubu has attained viral popularity among young consumers worldwide and driven a heady rise in Pop Mart's revenue and share price . The plush figures – often sold in opaque boxes so that buyers cannot know exactly which one they are getting – typically retail for around 99 yuan on the mainland, but they sell for considerably more in other regions, such as the US and Middle East . Prices can soar on the secondary market due to high demand and limited supply. Ping An Bank's campaign with the sought-after figure quickly drew attention and went viral on RedNote, an Instagram-style platform popular for lifestyle tips. In a post on Monday that garnered more than 1,100 likes overnight, a Sichuan province-based user called Ouqixilanhua claimed to have rushed to a local branch after learning of the giveaway. 'I opened a [bank] account and made a deposit right away,' the user said. 'Money has to be saved somewhere, and I couldn't pass up a free collectible.' Shen Meng, a director at Beijing-based investment bank Chanson & Company, said Chinese retail banks were struggling to attract and retain young customers amid low interest rates, while the number of retail banks 'far exceeded' what the market needed. The total number of retail banking customers was on the decline as the country's population was dropping and ageing, with overall income levels slipping and unemployment running high among young people, Shen added.


South China Morning Post
2 hours ago
- South China Morning Post
China-Niger ties challenge Beijing's cornerstone non-interference policy
Since the 2023 coup that ousted the president of Niger , Mohamed Bazoum, Beijing has consistently sought to strengthen relations with the country's military government. In line with its non-interference policy , one of the cornerstones of China's foreign policy that states that countries should not meddle in the domestic political, economic or social systems of other countries, China swiftly embraced the military junta in Niger. Notably, China provided the new military government with a substantial financial lifeline of about US$400 million in the form of an oil-backed loan to be repaid via crude oil shipments over 12 months, which helped address an immediate cash shortage. 16:09 How China is reshaping its economic ties with Africa How China is reshaping its economic ties with Africa Yet relations with China have been strained since March when the junta expelled three Chinese oil executives over disparities between the salaries of expatriate staff and lower-paid local workers and revoked the licence of a Chinese-owned hotel in Niamey, citing 'discriminatory practices and administrative violations'. The dispute escalated last month when Niger ordered China National Petroleum Corporation (CNPC) and its Soraz oil refinery to terminate the contracts of expatriate employees with more than four years' service. Observers said Niger's dispute with Chinese oil companies underscored the limits of Beijing's non-interference policy – a long-standing Chinese policy which, in practice, meant China remained essentially regime-agnostic. This approach, while intended to avoid entanglement in domestic affairs, incurred significant economic costs for Beijing, especially as some nations were experiencing a rise in nationalism, they added. According to Paul Nantulya, a China-Africa specialist from the National Defence University's Africa Centre for Strategic Studies in Washington, China's policy entails regime strengthening since Beijing tends to invest heavily in the economic priorities of the regimes or ruling parties in question.