In the first half of 2025, Hong Kong's stock market delivered explosive returns, with several names seeing triple-digit gains.

Laopu Gold topped the leaderboard with a staggering 321.5% surge, while biotech firm 3SBio and brokerage Bright Smart also posted gains of over 270%. Consumer-focused names like Pop Mart nearly tripled, reflecting broad-based optimism across sectors ranging from gold mining to financials, biotech, and consumer brands.

Laopu Gold shares soared 321.5% in the first half. And while the popularity of its necklaces and the recent rise in gold prices may have contributed, Laopu’s rally exemplifies how many of Hong Kong’s recently listed stocks — particularly those targeting consumers — are in vogue.

China’s attempt to offset the damage of tariffs is getting a helping hand from Generation Z, which is spending big on everything from toys to bubble tea.

The country’s younger generation of shoppers is on a spree of what analysts call emotional consumption, defying a wider malaise in China’s economy. Revenues at Gen Z favorites such as toymaker Pop Mart International Group, jewelery firm Laopu Gold and drinks chain Mixue Group have soared, fueling breakneck moves in their stock prices.

3SBio shares gained 288.9% in the first half. Pfizer will pay $1.25 billion upfront to license an experimental cancer drug out of China, in a deal that underscores multinational drugmakers’ growing enthusiasm for Chinese biotech innovation.

The deal grants Pfizer rights to develop and commercialize a drug from Shenyang-based 3SBio Inc. currently in clinical testing for multiple tumor types, according to a press release. In addition to the upfront payment — which sets a new record for China licensing deals — 3SBio is eligible for up to $4.8 billion in downstream fees if the drug hits all milestones.

Guotai Junan International Holdings Ltd. shares jumped 211.8% in the first half as the Hong Kong Securities and Futures Commission approved the company’s license upgrade that would enable its clients to directly trade virtual assets, including Bitcoin, Ether and stablecoins, on its platform.

Hong Kong on Thursday released its second policy statement on the development of digital assets to establish a framework for service providers. The government also plans to regularize the issuance of tokenized government bonds and incentivise the tokenization of real-world assets to enhance liquidity and accessibility.

Pop Mart shares rose as much as 198.6% in the first half of 2025. The growing popularity of Pop Mart’s toothy monster dolls is boosting sales prospects for the firm. THE MONSTERS blind-box series, with Labubu at its center, generated more than 3 billion yuan in sales for Pop Mart last year, accounting for almost one-fourth of the company’s revenue.

While valuations at 45 times forward earnings have topped that for peers like Sanrio Co. and Walt Disney Co., some analysts are optimistic that shares can continue to rise after tripling so far this year. Citigroup Inc. hiked its price target by 90% to a street high of HK$308 apiece, citing the growing influence of the company’s intellectual properties globally.