The Hang Seng surged 342 points, or 1.8%, to close at 19,926 on Monday, rising for a fifth straight session and hitting its highest level since early 2025. The rally was driven by gains across sectors, boosted by news of a phone call between U.S. President-elect Trump and Chinese President Xi Jinping to discuss key issues. Elsewhere, Chinese Vice President Han Zheng's meetings with Elon Musk and other U.S. businesses highlighted Beijing's efforts to improve ties ahead of Trump's return to the White House.
Meanwhile, TikTok resumed its U.S. operations on Sunday after Trump announced a three-month suspension to enforce a law requiring its Chinese owners to divest. On the policy front, the People's Bank of China kept its main lending rate steady for a third month, in line with expectations. However, concerns about market volatility are growing as Trump prepares to issue executive orders on a range of issues including tariffs and energy, shortly after his inauguration today. Top movers included Miniso (5.3%), Meituan (5.0%), and Wuxi Biologics (4.1%).
Source: Trading Economics
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