Hong Kong stock market closed higher on Wednesday before earnings announcements by key tech firms, with sentiment also boosted by a positive report on Contemporary Amperex Technology Co.’s offering. The Hang Seng Index (HSI) rose by 2.3%, the Hang Seng Tech Index (HSTECH) climbed by 2.13%.

In the industry sectors, insurance stocks performed notably well. China Life surged by 6.55%, Ping An rose by 4.21%, and CPIC increased by 6.77%.

Other popolar stocks also gained. Tencent Music, Holly Futures up 12%; BYD Company, Li Auto, Ping An up more than 4%; Xiaomi, NIO, Alibaba, JD.com, Tencent up around 3%.

BYD Company saw a significant increase of 4.75% after becoming the most popular car brand in Singapore, surpassing Toyota. JD-SW rose by 3.36% following strong first-quarter performance and the issuance of new shares due to directors exercising stock options. Tencent Music saw a notable increase of 12.84% due to robust subscriber growth in online music services.

JD-SW surged by 3.4% following the release of its strong Q1 2025 performance. The company reported its highest revenue growth in three years, with double-digit growth in all business segments, exceeding market expectations. The increase in active users for six consecutive quarters and improved supply chain capabilities drove the performance.

Tencent is expected to release results later Wednesday, while Meituan and Alibaba Group are due to announce earnings on Thursday.

Sentiment was also boosted after people familiar with the matter said CATL was poised to price its share offering at the top end of the range it had earlier indicated.

Meanwhile, financial shares led the onshore market higher, with analysts pointing to a need for domestic mutual funds to increase their holdings in the sector in line with recent industry guidelines.