Carmakers stocks jumped; Li Auto gained 5.5%, XPeng up 4.5%, Xiaomi up 3.6% and Nio and BYD advanced 2%.

China’s biggest chipmaker Semiconductor Manufacturing International Corporation jumped 7 per cent to HK$42.15, while iPhone camera lens maker Sunny Optical gained 5.8 per cent to HK$69.25.

Country Garden Holdings Co.’s shares jumped 20% as they resumed trading in Hong Kong Tuesday following a nine-month suspension, after the Chinese property giant pledged to clinch a deal with creditors on a debt restructuring plan.

The stock gained as much as 30% in morning trading after the embattled real estate firm said in an exchange filing that it has fulfilled the requirements under the resumption guidance. It’s still near a historical low, trading at around 60 Hong Kong cents. Other Mainland China property stocks also jumped.

China got only one mention in Trump’s inauguration speech and that was to suggest that Chinese operations in the Panama Canal constituted a degree of ownership of the crucial Central American waterway. Trump also signed an executive order on TikTok, delaying the short-video app’s ban by 75 days, and threatened China with tariffs if Beijing failed to approve a deal regarding the app.

The Hang Seng Index has performed quite well in the last few days mainly because of the positive China economic data last week and expectations of improved US-China relations, according to Kenny Wen, head of investment strategy at KGI Asia.

“The upside also reflects the delay in immediate tariffs [on China],” he said, adding that further gains may be limited ahead of the Lunar New Year holiday next week.