Hong Kong’s benchmark Hang Seng Index closed sharply higher on Wednesday, buoyed by a rotation into gold miners, property developers and domestic auto makers. The index rose 2.58%, with the Hang Seng Tech Index advancing 2.53%, as investor flows chased both safe-haven metal exposure and selective growth themes.
The striking feature of the session was the outsize move in precious metals equities after spot gold hit fresh highs. Leading miners led the market: Wanguo Gold Group and Chifeng Gold jumped more than 10%, while Shandong Gold and Zijin Gold International gained in excess of 8%. The surge in miner stocks reflected aggressive repositioning by traders into assets perceived as inflation hedges and beneficiaries of higher bullion prices.
Property stocks also outperformed after reports that some developers are no longer being required by regulators to submit monthly "three red lines" metrics, a compliance measure introduced to curb leverage. Greentown China rallied over 9% and China Vanke climbed more than 3%, suggesting investors are pricing in a subtle shift toward regulatory forbearance that could ease refinancing strains across the sector.
Domestic auto manufacturers sustained gains into the afternoon session, reinforcing the resilience of China’s new-energy vehicle complex. Li Auto and BYD rose over 4% each, while NIO advanced nearly 4%, as the market continued to reward companies seen as leaders in EV adoption, software upgrades and expanding overseas sales.
Semiconductor names also participated in the advance, with Hua Hong Semiconductor up around 7% and SMIC rising more than 3%. The move underlines continued investor interest in China’s onshore chipmakers, which remain central to long-term industrial policy even as export controls and technology gaps persist.
Taken together, the market’s breadth — from beaten-down property names to high-beta tech and industrial leaders — points to a complex narrative: short-term safe-haven flows into gold are coexisting with a tentative relaxation of policy pressure and renewed appetite for domestically oriented growth stories. That combination has produced a bullish session in Hong Kong equities, though the sustainability of the rally will hinge on policy clarity and external macro forces.