Hong Kong stock market closed slightly higher on Wednesday. The Hang Seng Index (HSI) rose by 0.21%, the Hang Seng China Enterprises Index (HSCEI) increased by 0.12%, the Hang Seng Tech Index (HSTECH) gained 0.41%, and the Hang Seng Composite Index (HSCCI) climbed 0.39%.

In terms of industry sectors, the SaaS concept stocks saw significant gains, with Kingsoft Cloud surging 26.72% and Mobvista soaring 37.44%. The AI application concept stocks also performed well, with Fourth Paradigm rising 19.67% and Yidu Tech increasing by 18.85%. The blockchain concept stocks followed closely, with Meitu jumping 10.44% and OKG Tech climbing 10.89%.

Alibaba-W fell by 0.59%. The company announced plans to issue $2.65 billion and RMB 17 billion in bonds, with the funds to be used for general corporate purposes, including repaying offshore debt and share repurchases. The bond issuance received strong investor interest, with subscription amounts exceeding expectations.

Shares of Hong Kong-listed biotech company Laekna Inc skyrocketed 48% on Wednesday, surging to a 10-month high amid significant investor enthusiasm over the company's announced clinical collaboration with pharmaceutical giant Eli Lilly (LLY).

China Mobile rose by 0.49%. China Mobile Hong Kong Limited made a non-binding proposal to Hong Kong Broadband, indicating a potential cash offer to acquire all issued ordinary shares of the company. This news led to a significant market reaction.

Xiaomi-W dropped by 1.06%. JPMorgan raised Xiaomi's target price from HKD 24 to HKD 34, citing strong third-quarter earnings, a 17% year-on-year increase in core revenue, and a narrowing loss in the electric vehicle business. Xiaomi also raised its electric vehicle delivery target for this year to 130,000 units.

Sprocomm Intelligence plummeted by 87.96%. The stock experienced a sharp decline due to concerns over highly concentrated shareholding, which led to investor panic and a significant drop in the stock price.

Innovent Bio surged by 8.08%. The company announced the commercial launch of the weight management drug Semaglutide in China, which is expected to drive future growth.

Akeso soared by 9.75%. The company reported positive developments in its drug pipeline, contributing to the stock's strong performance.

Kingsoft jumped by 9.42%. The company benefited from the overall positive sentiment in the SaaS sector, leading to a significant increase in its stock price.

BYD Electronic rose by 3.31%. The company reported strong earnings, which boosted investor confidence and drove the stock price higher.