Hong Kong stocks pocketed hefty gains on Wednesday, erasing losses from earlier this week, amid bargain hunting and as risk appetite returned for tech shares.
The Hang Seng Index surged 3.27%, or 753.91 points, to end at 23,787.93. The Hang Seng China Enterprises Index advanced 3.46%, or 293.7 points, to 8,792.89.
Investors scooped up bargain shares after two straight days of decline triggered by Washington's measures to restrict Chinese investments in key US industries.
Traders also got a boost from China's efforts to dominate the AI space. DeepSeek is looking to launch its R2 AI model as soon as possible, instead of the initial plan to introduce it in May, Reuters reported, citing people familiar with the matter.
Building on the AI momentum, Alibaba (HKG:9988) soared almost 5% after it rolled out its QwQ-Max artificial intelligence reasoning model with more versatile problem-solving skills.
The Chinese e-commerce behemoth also announced the release of its Wan 2.1 AI model, designed for image and video generation for the public.
Other tech giants also rose. Shares of Meituan (HKG:3690) and JD.com (HKG:9618) jumped nearly 10% and 9%, respectively, while Xiaomi (HKG:1810) and Tencent (HKG:0700) gained 6% and 3%.
The development comes ahead of the release of Nvidia's earnings report later today.
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