HONG KONG: Hong Kong stocks closed higher on Wednesday, led by massive gains for Chinese tech behemoth Alibaba after it announced it would split into six groups.

The Hang Seng Index rose 2.06 percent, or 407.75 points, to close at 20,192.40.

HK shares rise as contagion fears ease; China stocks fall

The Shanghai Composite Index shed 0.16 percent, or 5.32 points, to 3,240.06, and the Shenzhen Composite Index on China's second exchange dropped 0.05 percent, or 0.99 points, to 2,103.37.