Chinese AI chipmaker Cambricon rises after reversing losses to post a first-half net profit of 1.03 billion yuan
Hong Kong stocks rose on Wednesday on renewed optimism about China’s tech industry prospects, while investors awaited global AI chip leader Nvidia’s earnings.
The Hang Seng Index gained 0.3 per cent to 25,608.45 at 9.55am local time, rebounding from a 1.2 per cent loss in the previous session. The Hang Seng Tech Index climbed 0.8 per cent. On the mainland, the CSI 300 Index rose 0.1 per cent and the Shanghai Composite Index slipped 0.1 per cent.
Xiaomi rose 2.1 per cent to HK$54.60 after Moody’s upgraded its rating due to robust growth and profitability in its electric vehicle (EV) and IoT smart hardware businesses. EV maker Nio jumped 7.2 per cent to HK$53.10, while SMIC climbed 2.1 per cent to HK$57.40.
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