stocks, its longest losing streak, plans to hire 60,000 employees in 2021, seeking to raise US$10 billion

Hong Kong stocks gained as traders looked to overnight gains in US equities for inspiration and arrest a seven-day slump.

The Hang Seng Index rose 0.4 per cent to 28,864.90 in early trading. The gauge has lost about 2.5 per cent in its longest losing streak since late 2015. The Shanghai Composite fell 0.3 per cent, and the CSI 300 dropped 0.6 per cent.

Meituan advanced 3.9 per cent to HK$309.60, the most since June 1. The operator of China’s largest on-demand delivery and local services platform plans to hire 60,000 employees in 2021, almost doubling its headcount. The stock has the largest weighting in the benchmark at 8 per cent.

Tencent Holdings added 0.3 per cent to HK$602.50. China’s biggest ride-hailing firm Didi Chuxing, which counts Tencent among its financial backers, disclosed its US listing plan, seeking to raise US$10 billion at a company valuation of US$100 billion, Reuters reported.

Solar panel glass manufacturer Xinyi Solar rose 2.6 per cent to HK$14.46, while Country Garden Services gained 1.8 per cent to HK$80.55.

Stocks on Wall Street rose overnight as investors shrugged off a report showing US inflation quickened more than expected. The S&P 500 climbed 0.5 per cent to a record high, while the Nasdaq Composite gained 0.8 per cent.

Markets in the Asia-Pacific gained. Japan’s Nikkei 225 added 0.1 per cent, while South Korea’s Kospi rose 0.5 per cent. Australia’s S&P/ASX 200 appreciated 0.2 per cent.

Two companies debuted on the mainland. In Shanghai, battery product manufacturer Guangdong Greenway Technology rose 228 per cent from its listing price of 25.91 yuan. In Shenzhen, Zhejiang Hongchang Electrical Technology gained 110 per cent from its debut price of 37.60 yuan.


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