Hang Seng Index rallies as Alibaba, Tencent, Lenovo shares surge

The Hong Kong 50 rallied sharply, climbing to 24,057 and hitting its highest level since June 18 as investors rotated back into Chinese technology stocks. The Hang Seng Tech Index also reached a multi-week high, supported by strong gains in Lenovo, Alibaba, SMIC, Kuaishou, Xiaomi, Baidu and NetEase. The move reflects bargain hunting and a valuation gap versus U.S. equities, with the Hang Seng trading around 11x earnings versus about 20x for the S&P 500. However, the article notes the rebound is still technically unconfirmed because the index remains below its 100-day moving average and the 25,122 neckline of a head-and-shoulders pattern. Market impact is broadly bullish for Hong Kong and Chinese tech, but sustainability depends on earnings, cost pressures and U.S.-China policy risks.