Alibaba leads charge as HK, mainland stocks hit new highs

Hong Kong stocks surged 563 points to hit a more than four-month high, led by a rally in Alibaba (9988) shares in a market fueled by Al-driven revaluation opportunities.

The benchmark Hang Seng Index closed at 21,857, up 2.64 percent. The market turnover was HK$287.16 billion, the highest since October 10 last year.

The Tech Index rose by 138 points, closing at 5,281 or 2.7 percent higher. The Hang Seng China Enterprises Index gained 215 points, or 2.75 percent, closing at 8,058.

The top traded stock was Alibaba, with a turnover of HK$24.16 billion, following news that Apple and Alibaba will co-develop artificial intelligence features for iPhone users in the mainland. Its share price surged by about 8.5 percent, closing at HK$113.80.