Hong Kong's benchmark Hang Seng Index on Monday surged 1.44 percent to close at 26,608.48 points with tech giants in the lead, reported Timothy Pope, a market analyst for China Global Television Network (CGTN).
"In Hong Kong, the Hang Seng was up pretty strongly -- 1.4 percent. There was relatively little in the way of fallout after the Trump administration threatened U.S. Fed Chair Jerome Powell with a criminal indictment over some statements that he made to Congress. That's been decried in many quarters as a blatant attempt to put pressure on the central bank, which is supposed to be independent, but which isn't cutting interest rates as fast as President Trump would like. Nevertheless, after a choppy start, Hong Kong's market did gain fairly steadily for the rest of the session. Chinese tech companies were in the lead. We saw the short video app owner Kuaishou and food delivery giant Meituan making strong gains, as well -- as did Baidu, and also the healthcare arms of the big e-commerce companies Alibaba and JD. They were also among the top performers on the Hang Seng today," he said.
"There was another Chinese tech trading debut today as well. The chip design company OmniVision added more than 16 percent in its first day of trade. It's the third largest provider of digital image sensors in the world, according to its own prospectus. It raised more than 615 million U.S. dollars from its listing. This is another firm which is now dual listed. There's definitely a bit of a rush on at the moment among Shanghai or Shenzhen-listed tech firms to list in Hong Kong, particularly if they are in the AI and tech sectors. Lastly, of course, we've got the Chinese automaker Xpeng. It gained today; it was up 2.3 percent. We had some reports that it's looking for its Asian IPO for its flying car unit in Hong Kong. It's searching for banks to back that one. That's the space we definitely will going to be watching," he added.
Tech companies lead Hong Kong shares rally on Monday: analyst
