SHANGHAI: Hong Kong stocks rose on Tuesday, as investor fears of deeper banking stress were eased after failed Silicon Valley Bank secured a buyer. Chinese shares, however, had a mixed performance.

** China’s blue-chip CSI300 Index dropped 0.2% by the lunch break, while the Shanghai Composite Index gained 0.1%.

** Hong Kong’s benchmark Hang Seng Index and the China Enterprises Index both climbed 0.7%.

** Regional US lender First Citizens BancShares scooped up the assets of failed peer Silicon Valley Bank on Monday, allaying investor fears of deeper banking sector stress and prompting a rally in bank shares, while global stocks also rose

** Additionally, the Federal Reserve’s top regulatory official plans to tell Congress that regulators are committed to ensuring all US bank deposits are safe.

China stocks fall on industrial profit slump

** Financial shares traded in Hong Kong rose 1.2%, with HSBC Holdings and AIA Group up 1.6% and 1.9%, respectively.

** Hong Kong tech stocks climbed 0.5%, with Tencent up 4.1%.

** Foreign investors recorded a net selling of 1.67 billion yuan ($242.7 million) of Chinese stocks via the Stock Connect by midday, despite Premier Li Qiang telling foreign business executives that the country would open up further.

** Premier Li also said China will maintain a certain level of economic expansion as it accelerates a transition towards higher quality growth, Chinese state media reported.

** In China, sector performances were mixed. Semiconductor and artificial intelligence stocks lost 1.8% and 1.3%, respectively, while liquor and consumer staples shares were each up 1.3% and 0.9%.

** RongSheng Petrochemical Co Ltd rose 10% after Saudi Aramco signed agreements to acquire 10% of the Chinese refining giant. CSI Energy Index was up 0.6%.