Hong Kong's stock market rallied on Friday, with technology stocks leading the rebound, according to China Global Television Network (CGTN) market analyst Zhang Shixuan.
Major indices in the market all ended higher on the day. The benchmark Hang Seng Index went up 1.79 percent to close at 24,211.35 points, the Hang Seng China Enterprises Index gained 1.71 percent to 8,147.87 points, and the Hang Seng Tech Index soared 3.06 percent to 4,197.84 points.
Zhang said biggest gainers were China's leading electric vehicle manufactures.
"Hong Kong stocks performed better today, with the Hang Seng Index rebounding above the 24,000 level. Technology stocks led the recovery, with Xiaomi surging nearly 10 percent after strong demand for its new electric vehicle lineup. The company said the models attracted more than 70,000 locked-in orders in their first 30 days on the market. Xiaomi also delivered more than 40,000 vehicles in September, its highest monthly total so far this year. The strength extended to other electric vehicle makers, with BYD and Li Auto each gaining more than 3.5 percent," she said.
"Financial stocks also lent support to the market. HSBC rose 1.8 percent, while AIA gained nearly 3 percent, as easing U.S. bond yields helped improve sentiment toward financial shares," Zhang added.
Technology stocks lead Hong Kong market rally
A newly released Chinese documentary provides a rare glimpse into the country's crackdown on cross-border telecom scam networks in northern Myanmar, highlighting the pivotal role of technological countermeasures in the campaign.
Titled "The Demise of Telecom Fraud in Northern Myanmar," the three-part documentary was jointly produced by the Chinese Ministry of Public Security and China Media Group, and was aired on CCTV nationwide on Monday. It reveals the brutal conditions inside telecom fraud compounds in northern Myanmar, where scams mainly targeted Chinese citizens.
The documentary unveils the covert methods used by fraud gangs, such as stealing China's communication signals to make their scams highly deceptive.
"For example, they secretly ran wireless bridges, cables and fiber optics to pull domestic network signals into Muse (town in Myanmar) for remote use, allowing them to pose as users inside China and carry out fraud," said Zhang Zheng, a second-level inspector at the Cybersecurity Administration Bureau of the Ministry of Industry and Information Technology.
According to the documentary, expert teams from the Ministry of Industry and Information Technology worked with public security authorities to conduct a sweeping inspection for illegal equipment in key areas.
In just three months, they shut down 75,000 fraud-related mobile phone numbers and more than 4,000 broadband accounts, and cleared nearly 100 wireless bridges, effectively cutting off the communication channels between fraudsters and users inside China.
Chinese documentary spotlights tech in Myanmar telecom fraud crackdown
