0832 GMT - Hong Kong's Hang Seng Index closed 4.0% higher at a three-year high of 23477.92, driven by positive sentiment. DeepSeek has been a powerful catalyst for Chinese stocks, with more upside expected given the low valuations, HSBC analysts write in a note. Alibaba's strong earnings and its partnership with Apple in China contribute to a new era of growth for Chinese tech, with Alibaba and Tencent positioned as the likely winners in the AI race, Wedbush analysts say in a note. Among the top advancers, China Unicom surged 16%, while Lenovo Group and Alibaba Group each jumped 15% following their quarterly earnings reports. The Hang Seng Tech Index rose 6.5% to 5859.30, also a three-year high. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
February 21, 2025 03:32 ET (08:32 GMT)
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