Hang Seng Index nears golden cross as Meituan, Lenovo, Alibaba stocks jump

The Hang Seng Index is rebounding strongly from its June lows and is close to forming a bullish golden cross, a technical signal that may attract further buying. The index has climbed from 22,516 to as high as 26,200, its highest since mid-May, as investors rotate back into Hong Kong and China tech names that had lagged earlier in the year. Key constituents such as Meituan, Lenovo, Alibaba, Xiaomi, Tencent, and JD Logistics have posted sharp gains, with Alibaba helped by improving AI expectations and a newly released AI model. The article also notes attractive valuations versus global peers and potential support from future Beijing stimulus, though policy caution remains a risk. Upcoming earnings from major constituents, including Tencent, JD, Lenovo, and others, could provide the next catalyst. Overall, the technical setup and sector rotation suggest more upside for Hong Kong equities if momentum and earnings continue to improve.