Hong Kong Stocks Surge, Led by Technology Sector
Newsmaker.id - Hong Kong stocks rallied on Wednesday, led by a rally in technology stocks. Hong Kong's main index, tracked by the HK50, rose 1.29% to 23,799 on July 8, 2026, reversing pressure from the previous session and indicating renewed buying interest in technology stocks.
The rise was driven by gains in several major technology stocks. Tencent Holdings rose 3.4%, Xiaomi strengthened 3.4%, Meituan rose 3.8%, and Lenovo added 2.9%, while several other technology stocks also moved positively. This rally signals a return of investors to Chinese internet and technology stocks after the market had previously been cautious about valuations in the AI sector.
Positive sentiment also stemmed from growing investor interest in China's technology ecosystem. Kuaishou previously announced a funding round of over 19 billion yuan (approximately US$2.8 billion) for its video AI unit Kling AI, with support from Alibaba, Tencent, and Baidu. This significant funding reinforces the narrative that China's AI sector remains a key market driver.
Furthermore, the Hong Kong market has also benefited from activity in the technology capital market. Chinese robotaxi company Momenta Global has priced its Hong Kong IPO at the upper end of its range and is targeting a fundraising target of around US$751 million. This move demonstrates investor interest in emerging technology companies and has helped improve sentiment towards the Hong Kong stock exchange. (CP)
