Hong Kong shares rise as tech giants Alibaba, Tencent bounced back

HONG KONG: Hong Kong shares edged up on Thursday as tech giants Alibaba and Tencent bounced back after continuous declines. The Hang Seng index rose 0.2%, to 24,740.16, while the China Enterprises Index gained 0.2%, to 8,809.72 points.

Alibaba Group rebounded 2.7% after falling for six straight sessions on disappointing earnings, while Tencent Holdings gained 1.2%. The Hang Seng Tech Index added 1.1%, even though the uncertainty over the tech crackdown remained.

China has required Tencent Holdings submit any new apps or updates for inspection before they can be uploaded after a number of its apps were found to have infringed users’ rights and interests, Chinese state media reported on Wednesday. The healthcare sub-index rose 1.5%, and the industrials sub-index went up 1.1%.

China’s Kaisa Group Holdings Ltd surged nearly 14% after it said it wants to extend the maturity of a $400 million bond by a year and a half - part of the property developer’s efforts to avoid a messy default and resolve a liquidity crisis. China Evergrande New Energy Vehicle Group jumped more than 10% after it’s onshore unit raised its registered capital by 39% to $3.5 billion.