Hong Kong Shares Mark Four-Day Win on Bullish China Bets; China Overseas Land Surges 6% on Upbeat Q1

Hong Kong shares defied tensions between the US and China to notch gains for a fourth consecutive session on Thursday.

Investors placed their bets on the economic stimulus promised by China, brushing aside concerns about the recent US bill targeting TikTok's Chinese parent company, ByteDance.

The Hang Seng Index climbed 0.48%, or 83.27 points, to finish the day’s trade at 17,284.54. The Hang Seng China Enterprises Index (HSCEI) rose 0.33%, or 20.15 points, to 6,120.37.

Emerging market funds have raised their allocation for China, while lowering their exposure to Taiwan and India, according to HSBC Holdings.

Meanwhile, mainland investors remained net buyers for the 19th consecutive day on Thursday through the stock connect program.

In corporate news, China Overseas Land & Investment 688 gained more than 6%, after the realtor posted a 22% year-over-year growth in operating profit for the quarter through March 2024.

Great Wall Motor 601633 added over 5%, after the automaker announced a 1,800% year-on-year surge in basic earnings per share for the three months through March 2024.

However, New Oriental Education & Technology Group EDU defied the positive trend and shed 12%, even as the firm reported a 6.8% increase in attributable net income for the fiscal third quarter ended Feb. 29, on a 60.1% jump in revenue.