The Hang Seng Index rose 0.4%, or 101 points, to 24,302 on Thursday, extending the previous session’s strong rally as investors continued to rotate into technology and semiconductor stocks. Sentiment was buoyed by a busy IPO pipeline: Apple supplier Luxshare Precision Industry was set to debut at HK$63.25, close to its offer price, while AI company Zhipu AI launched a Hong Kong share sale aiming to raise up to HK$4 billion, reinforcing optimism toward AI-related names.
The advance came despite renewed U.S.-Iran tensions that drove oil prices above $74 a barrel and pushed Treasury yields higher, while investors also looked ahead to China’s June inflation data. Technology and retail trade shares led the gains, with Zhipu AI, also known as Knowledge Atlas, surging 14.5%. Other notable risers included Semiconductor Manufacturing International Corporation (up 4.2%), Xiaomi (1.7%), MiniMax (2.0%), Lenovo (3.9%), and Shanghai Iluvatar CoreX (4.6%).
