HONG KONG: Hong Kong shares tracked a global rally to finish higher on Wednesday, with index heavyweight Alibaba leading a surge in tech firms.

At the close of trade, the Hang Seng index was up 500.50 points, or 2.06%, at 24,829.99. The Hang Seng China Enterprises index rose 2.47% to 8,723.33.

The Hang Seng Tech index ended 3.65% higher, the financial sector rose 1.03% and the property sector added 1.09%.

Alibaba was the top gainer on the Hang Seng, ending 6.83% higher after two days of losses.

It was also the top gainer among H-shares, followed by Kuaishou Technology, which jumped 5.23%, and NetEase Inc, which rose 4.88%.

Alibaba’s rebound came 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.

Meituan rose 3.71% and Tencent Holdings gained 2.72%.