Hong Kong Stocks at 20-Month High as Record China Cash Floods In
- Mainland investors show huge appetite for Hong Kong stocks
- Biggest stock Tencent soars to fresh closing high on Monday
The Hang Seng China Enterprises Index, which tracks Chinese companies listed in Hong Kong, is the world’s cheapest major index -- despite being one of this year’s best performers.
Photographer: Justin Chin/BloombergThis article is for subscribers only.
Hong Kong stocks closed at the highest level since May 2019 as mainland investors continue a record spending spree in the city.
The benchmark Hang Seng Index rose 2.7% Tuesday, soaring past last year’s peak as stock turnover in the city rose to a record $38.9 billion. A rally since late December has been powered by Chinese investors, who are targeting national firms such as China Mobile Ltd. that had earlier sold off on the imposition of U.S. restrictions.