Hong Kong stocks closed high on Tuesday after a government report showed growth in profits for Chinese companies accelerated, underpinning efforts by global investors to diversify their investments away from the US amid global trade turmoil.

The Hang Seng Index gained 0.4%, while the Hang Seng Tech Index rose 0.5%.

Industrial profits in mainland China grew at an annual pace of 3% in April, versus 2.6% in March, the statistics bureau said on Tuesday. The report indicated resilience among local businesses, even after US President Donald Trump unveiled on April 2 his so-called reciprocal tariffs on almost all the nation’s trading partners.

Meituan rose 2.1%, erasing earlier losses. The Chinese food delivery giant reported a 46% rise in first-quarter net profit but warned that the second quarter would likely be hit by increased competition in so-called "instant retail".

JD.com dropped 1% after Meituan CEO said he would spare no effort to win competition.

Pop Mart International, the Chinese toymaker that thrives on a stable of trendy characters, jumped more than 5% to a new high.

Hong Kong-listed tea beverage stocks rose across the board. Mixue Group jumped 10%, with its share price hitting a record high of HK$579. Chabaidao gained 9%, Guming rose more than 7%, and Nayuki was up nearly 5%.

Horizon Robotics jumped 11.4%. The Shenzhen Stock Exchange (SZSE) announced that the list of Southbound Stock Connect securities was adjusted to include Horizon Robotics, according to the relevant provisions of the "Shenzhen-Hong Kong Stock Connect Business Implementation Measures".

DC Holdings announced that Digital China Group Co., Ltd. (DCG), which is partially owned by the company’s Chairman and CEO, Mr. Guo Wei, intends to increase its shareholdings in the company by RMB428 million over the next 12 months. DC Holdings shares surged 18%.

In terms of other star stocks, Li Auto and NetEase rose 2%; Alibaba rose 0.9%; Xiaomi rose 0.5%; Tencent rose 0.4%; while BYD and NIO fell 2%.