SHANGHAI: Consumer firms lifted Chinese equities on Wednesday as investors reconsidered high valuations of growth stocks amid growing external risks, while Hong Kong's Hang Seng rose as rebounding Alibaba shares led a rally in the technology sector.

** At the midday break, the Shanghai Composite index was up 0.4% at 3,466.37.

** China's blue-chip CSI300 index was up 0.25%, with the consumer staples sector higher 1.78%, and the real estate index up 0.65%.

** A sub-index tracking liquor firms rose 2.78%, led by strong gains in heavyweight distiller Kweichow Moutai, which rose 1.22%.

** Investor worries about the impact of US sanctions pulled WuXi Biologics 0.88% lower in Hong Kong. The stock had plunged more than 25% on Tuesday.

** WuXi AppTec fell 6.6% in Hong Kong and 4.05% in Shanghai, despite the company's attempt to downplay the impact of the measures.

** Analysts said worries about sanctions and possible US rate hikes had prompted investors to rotate out of growth shares into more traditional sectors.

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** "Some money managers think the market is risky in the short term, thus they will move money into those sectors with low valuation and less risks," said Ade Chen, general manager at Fund Investment in Guangzhou.

** The smaller Shenzhen index was up 0.88%, the start-up board ChiNext Composite index was unchanged and Shanghai's tech-focused STAR50 index was down 0.14%.

** In Hong Kong, Chinese H-shares rose 2.35% to 8,713.36, while the Hang Seng Index was up 1.97% at 24,808.16.

** Gains in Hong Kong were powered by Alibaba, which jumped 6.12% after Japanese conglomerate SoftBank Group Corp said Alibaba's recent registration of additional American Depository Shares was not tied to any specific future transaction by SoftBank.

** The Hang Seng Tech index jumped 3.13%.

** The yuan was quoted at 6.3612 per US dollar, 0.08% firmer than the previous close of 6.366.