GCL Technology (03800), a leading polysilicon and solar product manufacturer, saw its stock soar 27.27% on October 25th, driven by signs of recovery in China's residential property market. The rally came as Hong Kong stocks edged higher, reflecting growing optimism about the country's economic prospects.

The surge in GCL Technology's share price was fueled by data from financial provider Wind indicating a 22% week-on-week increase in residential pre-sales across 30 major Chinese cities. First-tier cities led the nationwide growth, with sales climbing an impressive 27% from the previous week's high base.

This positive trend followed a remarkable 58% week-on-week jump in sales across the country during the prior week, according to the report. Analysts attribute the resurgence in homebuyer confidence to the Chinese government's resolute measures to support the struggling property market since late September.

Raymond Cheng, managing director at CGS International Securities in Hong Kong, expressed optimism, stating, "We expect monthly industry sales in the fourth quarter to register year-on-year growth for the first time since 2022." The recovery in the property market is seen as a crucial driver for China's economic growth prospects.