Hong Kong stocks rebound from 15-month lows as Chinese Premier Li Qiang hints at measures to prevent $1 trillion market from collapsing

The Hang Seng Index rose 1.1% to 15,125.38 as of 9:36 a.m. Tuesday, after falling below the psychological level of 15,000 points on Monday and hitting its lowest since October 2022. The Hang Seng High-Tech Index rose 1.7%, while the Shanghai Composite Index fell. It has risen 0.4% from the April 2020 low.

Tencent rose 3% to HK$270.00, Alibaba Group rose 2% to HK$66.750 and peer JD.com rose 2.5% to HK$84.60. HSBC rose 1% to HK$59.10, while EV maker BYD rose 2.1% to HK$195. Sportswear maker Anta jumped 4.1% to HK$66.80.

According to a report by Xinhua News Agency, Premier Li called on authorities to “actively improve the quality and investment value of listed companies, increase the entry of medium- and long-term funds into the market, and enhance the inherent stability of the market.”

Chinese Premier Li Qiang orders measures to stop market crash

The statement was issued by him, who chaired a State Council meeting in Beijing on Monday, hours after the benchmark stock index fell to new lows. According to Bloomberg data, the market capitalization loss of Chinese stocks listed in mainland China and Hong Kong has already snowballed to more than US$1 trillion this year alone by January 22 this year, which is expected to increase by 2023. Equals all declines.