The Hang Seng Index rises by 2.4 per cent as technology stocks lead gains despite renewed tension in the Middle East
Hong Kong stocks rebounded on Wednesday as concerns over a wave of lock-up expiries, long seen as a major headwind for the city’s equities, showed early signs of easing, while continued strength in technology stocks lifted broader market sentiment.
The Hang Seng Index rose 2.4 per cent to 24,057 at the noon break, with technology shares leading broad-based gains despite renewed geopolitical tensions in the Middle East. The Hang Seng Tech Index outpaced the broader market, surging 4.3 per cent.
At the centre of the rally was Knowledge Atlas Technology, also known as Zhipu AI, which surged 18 per cent even as the market digested the company’s first major lock-up expiry following its Hong Kong listing earlier this year.
While the unlocking of the equity initially sparked fears of a sell-off, the expected oversupply was smoothly absorbed after several cornerstone investors reaffirmed their holding commitments the day prior. That confidence spilled over to MiniMax. The artificial intelligence unicorn, which faces its own substantial lock-up expiry later this week, gained 2.8 per cent as investors held steady and waited for clearer signals on commercial demand and coming valuation metrics.
However, the appetite for new tech listings showed signs of maturing. Chinese autonomous driving firm Momenta Global posted a modest 3.4 per cent gain on its Hong Kong debut after raising HK$5.89 billion (US$750 million). Analysts said it reflected a more selective approach among investors, who were increasingly scrutinising valuations and demanding clearer pathways to long-term profitability in AI-adjacent ventures.