Hong Kong Tech Stocks Surge Over 3% as U.S. Ends Long-Standing Sanctions on July 14

According to local reports, Hong Kong tech stocks surged on July 14 after the U.S. confirmed it would not renew Executive Order 13936 that had imposed sanctions on Hong Kong for several years. The Hang Seng Tech Index rose over 3% at the time of reporting, with Alibaba-W (09988) up 5.24% to HK$118.5, Meituan-W (03690) up 4.48% to HK$87.4, Kuaishou-W (01024) up 4.07% to HK$45.04, and Tencent (00700) up 3.73% to HK$478.8.

Separately, China's central bank announced plans to increase asset allocation in Hong Kong and raise the annual net investment quota for its southbound connect program from 500 billion yuan to 800 billion yuan.