Hong Kong stocks rebounded on Friday, with the benchmark index rising to its highest level in over three weeks, as risk appetite returned on hopes that China will roll out fresh stimulus measures.

The Hang Seng Index surged 1.6%, or 305.41 points, to close at 19,865.85, the best finish since Nov. 11. The Hang Seng China Enterprises Index rose 1.8%, or 122.42 points, to 7,136.55.

China's top leaders will convene next week in Beijing for the Central Economic Work Conference to outline the nation's economic agenda for 2025.

"Next week's CEWC may offer the first hints about [a second round of] stimulus, but it should stay modest in size and supply-centric," Laura Wang, a strategist at Morgan Stanley, was quoted by South China Morning Post as saying.

Citic Securities expects policymakers to highlight local government debt, the property market, consumption, and technological innovation as key priorities. The meeting may also provide insights into China's potential response to new US tariffs, according to SCMP.

In corporate news, two companies started trading on the Hong Kong bourse today.

Shanghai Refire Group (HKG:2570) eked out a small gain on its stock market debut. The fuel cell manufacturer closed at HK$147.1 per share, inching up from its IPO price of HK$147.

Meanwhile, Dmall (HKG:2586) tanked on its trading debut. The digital retail solutions provider closed at HK$13.8 per share, down 54.3% from its listing price of HK$30.21.