Hong Kong shares hit 3-year peak as money flows to China tech sector

Alibaba stock jumps over 14%, leading Hang Seng Index gains

Heavyweight Chinese tech stocks have rallied in recent weeks after AI startup DeepSeek’s release of new models last month prompted a reassessment of the country's advances in the sector. (Nikkei montage/Source photos by Rie Ishi)

WATARU SUZUKI and ECHO WONG

February 21, 2025 18:09 JST

SHANGHAI/HONG KONG -- Hong Kong shares hit their highest in three years on Friday as better-than-expected earnings by e-commerce conglomerate Alibaba Group Holding stoked a rally that has been driven by hopes of a homegrown artificial intelligence boom.

The Hang Seng Index closed 3.99% higher at 23,477.92, marking its biggest one-day gain since early October. The benchmark is up 17% since the start of the year.