Hong Kong stocks soared nearly 4% to close the week on a high note on the back of a substantial boost in Alibaba Group's (HKG:9988) profit, amid other strong tech earnings.
The Hang Seng Index surged 3.99%, or 900.94 points, to end Friday's session at 23,477.92. The Hang Seng China Enterprises Index added 4.14%, or 344.16 points, to 8,666.72.
Tech stocks led the rally as a buying frenzy ensued following the strong December 2024 quarter results of Alibaba Group, China's biggest online retailer.
Its earnings are seen as a bellwether of consumer spending in the world's most populous country.
Shares of Alibaba soared nearly 15% after the e-commerce giant said it logged a 239% year-over-year rise in quarterly attributable net income to 48.9 billion yuan, beating market estimates.
Meanwhile, NetEase (HKG:9999) rose over 1% after its attributable net income for the quarter ballooned to 8.77 billion yuan from 6.58 billion yuan.
Additionally, Bilibili (HKG:9626) posted an attributable profit of 90 million yuan in Q4, rebounding from an attributable loss of 1.3 billion yuan a year prior.
Shares of the video-streaming platform closed nearly 17% higher on Friday.
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