Hang Seng Rebounds After Two-Session Slide

The Hang Seng climbed 359 points, or 1.4%, to close at 26,519 on Wednesday, halting losses in the previous two sessions amid strong gains mainly from consumer and tech stocks.

Sentiment recovered after reports that China is drafting rules to boost competition in food delivery, including capping restaurant fees, improving subsidy transparency, and limiting platform charges.

Meituan rose 0.9% and JD.com jumped 3.6% on the news.

Alibaba surged near 10% after pledging over USD 53 billion in AI investment, above its earlier target, alongside the release of a new model.

China Vanke added 1.1% as it sought talks with domestic creditors to cut borrowing costs on private debt, while SMIC jumped 5.8% on AI and semiconductor optimism.

Further gains were capped, however, by concerns over Typhoon Ragasa, the world’s most powerful cyclone this year.

Cathay Pacific said it would cancel more than 500 regional flights, reposition aircraft, and gradually resume operations from Thursday into Friday.