The Hang Seng rose 141 points or 0.6% to close at 23,654 on Wednesday, marking a second straight day of gains amid optimism that an upcoming call between U.S. President Trump and China's Xi Jinping could ease trade tensions.
The deadline also loomed for U.S. trading partners to submit proposals to avoid steep tariffs set to take effect in five weeks. Hong Kong's healthcare index led sector gains, up around 3% as investors bet on earnings growth from innovative drug makers.
Innovent Biologics surged 13.8%, followed by CSPC Pharma (2.8%), Hansoh Pharma (2.6%), and Wuxi Biologics (1.6%). Xiaomi also edged higher after its CEO suggested the firm's EV unit could turn profitable in H2 2025. Gains were tempered by concerns over Trump's 50% steel tariff, which takes effect today, and caution ahead of Chinese services data for May.
In April, services activity grew at the slowest pace in seven months. Other notable movers included Smoore Intl. (12.1%), Pop Mart Intl. (4.6%), and Meituan (2.9%).
Source: Trading Economics
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