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HSI Extends Gains to 400+ Pts; JD-SW/ MEITUAN-W/ BABA-W Soar 4-5%; SMIC Reaches New High; TRANSTHERA-B Rebounds ~20%
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The HSI opened 115 points or 0.4% higher at 26,554 this morning (17th) and once reached an over four-year high of 26,852 with a spike of 413 points in early trading. It last printed at 26,843, up 405 points or about 1.5%, with a turnover of around HKD169.4 billion.

Hong Kong's Chief Executive John Lee is set to deliver the latest Policy Address today. With an interest rate cut looming, major Hong Kong developers showed narrow divergence. SINO LAND (00083.HK), NEW WORLD DEV (00017.HK), and SHK PPT (00016.HK) inched up 0.2-0.7%. CK ASSET (01113.HK) dipped 0.6%. HENDERSON LAND (00012.HK) dropped 1.4%.

Related NewsJefferies Elevates BIDU-SW (09888.HK) TP to $152, Reflecting Recent AI Developments
Heavyweight tech stocks shored up the market. JD-SW (09618.HK), MEITUAN-W (03690.HK), and BABA-W (09988.HK) rose 4.4-5.7%. TENCENT (00700.HK) grew 1.6% to HKD655, with a turnover of HKD4.67 billion. BIDU-SW (09888.HK) surged 13.78% to a nearly two-year high of HKD128.8, with a turnover of HKD2.835 billion.

SMIC (00981.HK) reached a historical high of HKD67.55. It last traded at HKD66.15, up 4.67%, with a turnover of HKD6.687 billion.

CHERY AUTO (09973.HK) started its IPO today, boosting auto stocks. BYD COMPANY (01211.HK), GEELY AUTO (00175.HK), and LI AUTO-W (02015.HK) added 2.2-3.5%. NIO-SW (09866.HK) surged 9.7% to HKD56, with a turnover of HKD320 million.

Related NewsHSBC Research Chops BYD COMPANY (01211.HK) TP to $144, Keeps Rating at Buy
HESAI-W (02525.HK) retreated 1.7% this morning to HKD230, with a turnover of HKD252 million. TRANSTHERA-B (02617.HK) last traded at HKD228.6, rebounding 19.06%, with a turnover of HKD2.128 billion.

160 HEALTH (02656.HK), which was listed today, opened at HKD29.98, 152.1% higher than its listing price of HKD11.89. It was last at HKD29.36, nearly 1.47 times higher than its listing price, with a turnover of HKD157 million.
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