HSI Mounts 303 pts at Midday as CN Developers Swell; TENCENT Prospers Post-results

$Hang Seng Index(800000.HK)$ climbed 303 points or 1.6% to 19,376 at midday. $Hang Seng China Enterprises Index(800100.HK)$ gained 122 points or 1.8% to 6,864. $Hang Seng TECH Index(800700.HK)$ hiked 42 points or 1.1% to 4,084. Total half-day turnover for the market amounted to $114.256 billion.

$TENCENT(00700.HK)$ 's 1Q24 non-IFRS net profit hiked 54% YoY, beating forecasts, and its share price advanced 4.2% to $397.8.

$BABA-SW(09988.HK)$ shed 2.4% to $80.65 after its quarterly non-GAAP EBITA retreated 5% YoY.

Lin'an, Hangzhou will purchase commercial housing for public rental housing, and the market expected other cities to follow. Chinese developers surged. $SINO-OCEAN GP(03377.HK)$ rocketed 49%, while $CIFI HOLD GP(00884.HK)$ and $KWG GROUP(01813.HK)$ soared 29% and 30%. $AGILE GROUP(03383.HK)$ rallied 18%, while $LONGFOR GROUP(00960.HK)$ , $CHINA VANKE(02202.HK)$ , $CHINA JINMAO(00817.HK)$ , $SUNAC(01918.HK)$ , $R&F PROPERTIES(02777.HK)$ and $GREENTOWN CHINA(03900.HK)$ spiked 10.7-14%. $YUEXIU PROPERTY(00123.HK)$ and $SEAZEN(01030.HK)$ escalated over 8%.