Hong Kong Stocks Close Higher; Xiaomi Jumps 5%; Alibaba Gains 2%

Market Watcher

Apr 30, 2025

Hong Kong stocks closed higher on Wednesday as positive news from some index heavyweights, including AIA and Xiaomi, offset concerns about weakness in China’s manufacturing sector amid a tariff conflict with the US.

The Hang Seng Index rose 0.5%, while the Hang Seng Tech Index gained 1.4%.

Insurance giant AIA gained 6.5% after it reported stellar new business growth in Hong Kong and mainland China.

Smartphone and electric-car maker Xiaomi rose 5.3% after announcing its first open-source artificial intelligence reasoning model.

Alibaba rose 2.2% on news that its food delivery platform, Ele.me, plans to offer over 10 billion yuan (US$13.8 billion) in “red envelopes” to subsidise customers.

In terms of other star stocks, Kingsoft Cloud rose 14%, SMIC rose 3%, NetEase rose 2%, Li Auto rose 1%; while NIO fell 5%, Meituan and XPeng fell 1%.

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