Hong Kong stocks closed mixed as investors were lukewarm towards Chinese authorities’ reiteration of the government’s intent to boost growth, amid the country’s tariff tensions with the US and the pressure on its economy.

The Hang Seng Index fell 0.1%. The Hang Seng Tech Index added 0.1%.

Retail broker BRIGHT SMART surged 82% after it resumed trading following an announcement that mainland China’s online payment giant Ant Group agreed to buy a controlling stake.

Pop Mart rose 12%; Mixue rose 4%; JD.com rose 2%; Li Auto rose 1.7%; Meituan rose 0.6%; BYD fell 4%; XPeng fell 1%; Alibaba, Xiaomi fell 0.4%.

During a joint briefing on Monday, multiple Chinese agencies, including the top planning bureau and the central bank, largely repeated vows by a decision-making body headed by President Xi Jinping last week. The officials said China has an ample policy toolbox to stabilise employment and the economy, and expressed “full confidence” the country would achieve the target of about 5 per cent economic growth this year.

“After six months of getting head-faked by China stimulus headlines, the tape’s not biting yet,” Stephen Innes, managing partner at SPI Asset Management, said in a note before the market opened. “Caution rules until the hard numbers land.”

“The wait-and-see approach among investors in the Hong Kong stock market remains relatively strong ahead of clear China stimulus measures, tariff negotiation breakthroughs and earnings results,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International.

However, positive data and announcements came from China over the weekend.

Authorities said on Sunday that the country would offer more generous tax refunds to international visitors as it steps up efforts to boost the economy and counter the impact of the trade war with the US.

The world’s second-largest economy also reported that its industrial profits returned to growth in the first quarter ahead of an intensified trade war with the US.

The cumulative profits of China’s industrial firms rose 0.8 per cent to 1.5 trillion yuan (US$206 billion) in the first quarter from a year earlier, reversing a 0.3 per cent decline in the first two months, data from the National Bureau of Statistics showed on Sunday.