Latest news with #WuxiBiologics
South China Morning Post
3 days ago
- Business
- South China Morning Post
Hong Kong stocks rise on optimism over ongoing US-China trade talks
Hong Kong stocks advanced slightly on Tuesday as traders remained hopeful that ongoing trade talks between mainland China and the US would yield positive results. The Hang Seng Index rose 0.1 per cent to 24,213.42 at 9.55am local time, approaching a level not seen since March 20. The Hang Seng Tech Index fell 0.1 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite Index strengthened 0.2 per cent. Aluminium maker China Hongqiao Group rallied 3.7 per cent to HK$15.06 and Wuxi Biologics rose 1.7 per cent to HK$26.45. Chinese property firms traded higher on news that Beijing was tapping its housing provident fund to give buyers an alternative to bank mortgages. China Overseas Land and Investment rose 2.3 per cent to HK$13.62 and Longfor Group Holdings added 3.2 per cent to HK$9.91. Some tech stocks weakened: electric-vehicle maker Li Auto fell 1.8 per cent to HK$117.90, Meituan retreated 1.7 per cent to HK$145.90 and dropped 0.7 per cent to HK$133.10. The first day of trade talks did not yield breakthroughs, but US officials confirmed that discussions would continue on Tuesday, adding that they were optimistic. Traders were expected to keep a close watch on the latest developments centred around shipments of technology and rare earth elements.
South China Morning Post
01-04-2025
- Business
- South China Morning Post
Hong Kong stocks rebound from 4-week low on strong China manufacturing data
Hong Kong stocks rebounded from a four-week low after a private report showed that China's manufacturing industry expanded at the fastest pace in four months, easing some concerns about the reciprocal tariffs to be unveiled by the US. Advertisement The Hang Seng Index rose 0.5 per cent to 23,259.41 as of 10.02am local time. The Hang Seng Tech Index gained 0.7 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.4 per cent. CSPC Pharmaceutical Group gained 6.1 per cent to HK$5.24, and Wuxi Biologics advanced 4.3 per cent to HK$28.30. Alibaba Group Holding gained 1.3 per cent to HK$129.60, and Tencent Holdings added 1.1 per cent to HK$502.50. The purchasing managers' index (PMI) compiled by Caixin rose to 51.2 in March, according to a statement released by Caixin and S&P Global on Tuesday. That is the highest reading since November when the gauge reached 51.5. An official PMI report released by the statistics bureau on Monday showed the sector expanded at the fastest pace in a year last month. The readings add to evidence that China's economic recovery is getting under way after a slew of stimulus measures last year. Advertisement Investors are also watching for the reciprocal tariffs that will be announced by US President Donald Trump on Wednesday. His top spokesperson said the announcement would feature 'country-based' tariffs, but added that the president is also 'committed' to implementing sector-based duties at another time.
South China Morning Post
14-03-2025
- Business
- South China Morning Post
Hong Kong stocks snap 5-day slide on tech rebound as US equities hit correction
Hong Kong stocks rose on Friday, halting a five-day slump, as investors resumed buying tech companies on optimism advances in artificial intelligence (AI) will sustain a bull run this year. Port operator CK Hutchison plunged on concerns about its politically-charged asset sale. Advertisement The Hang Seng Index increased 0.9 per cent to 23,677.68 as of 10am local time, following a 3.7 per cent loss over the preceding five trading days stoked by worries about trade wars. The Hang Seng Tech Index climbed 0.8 per cent while the Shanghai Composite Index gained 0.8 per cent. Alibaba Group Holding rose 2.9 per cent to HK$135.30, while Wuxi Biologics surged 10 per cent to HK$25.80 and Baidu rallied 3.8 per cent to HK$92.85. Mengniu Dairy jumped 4.7 per cent to HK$19.02, and Zijin Mining Group surged 4 per cent to HK$16.94 and EV maker BYD strengthened 1.7 per cent to HK$367. Elsewhere, CK Hutchison sank 5.9 per cent to HK$46.50 after a state-backed newspaper Ta Kung Pao posted an article rebuking its sale of port assets , including two in Panama, to leading US-based investors. Hong Kong's stock market has risen 17 per cent this year, while the tech barometer rallied 28 per cent in a rally fuelled by Chinese start-up DeepSeek's AI breakthroughs. Global banks including Citigroup and Goldman Sachs became more bullish on Chinese stocks on valuation appeal as US equities hit correction mode. Advertisement Stocks in the US fell overnight after President Donald Trump said he would impose fresh 200 per cent tariffs on wine, champagne and other alcoholic beverages from Europe. The S&P 500 Index fell to a six-month low, bringing the losses to more than 10 per cent from its February peak. The Nasdaq Composite Index fell 2 per cent.
