10.11.202602:11:54UTC+00Hong Kong Stocks Advance on Tech Rally

The Hang Seng Index rose 0.3% to around 24,500 on Tuesday, lifted by gains in technology and semiconductor stocks amid improving global risk sentiment. On Wall Street, equities staged a strong rebound led by technology names, as semiconductor shares recovered from last week’s sharp selloff. A steep drop in oil prices further supported risk appetite by easing concerns over energy costs and inflation.

In Hong Kong, interest in the semiconductor sector was bolstered by the market debuts of two Chinese chipmakers, Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology, which together raised US$301 million through their initial public offerings. Jiangsu Xinde jumped 20.5% on its first trading day, while Suzhou Denglin opened 0.9% below its offer price.

Year-to-date, Hong Kong IPO fundraising has reached US$51.9 billion, nearing the 2010 record of US$57.8 billion. Among the notable gainers were Z.AI Co. (+7.8%), Kingboard Laminates (+7.3%), MiniMax (+7.3%), and Lenovo (+5.7%).