FX.co ★ Hong Kong Stocks Higher as PMI Improves

The Hang Seng Index advanced 0.8% on Monday, gaining 187 points to close at 23,529, buoyed by stronger-than-expected private-sector activity. The S&P Global Hong Kong SAR PMI rose to 52.0 in June from 50.4 in May, signaling the fastest expansion since February.

Investors also turned their attention to upcoming mainland data, with China’s June CPI and PPI releases later this week expected to provide further insight into the strength of the country’s economic recovery.

Upside momentum was capped by caution surrounding a record wave of IPO lock-up expirations this week, which could swell share supply and spur profit-taking in recently listed stocks. Chinese AI developer Knowledge Atlas Technology will see 25.6 million shares—nearly 6% of its outstanding equity—become freely tradable on Wednesday. MiniMax and Shanghai Iluvatar CoreX Semiconductor are likewise poised to unlock substantial portions of their share capital.

Among notable movers, SMIC climbed 1.6%, Innovent Biologics rose 3.6%, and Kingboard Holdings added 2.2%, while Knowledge Atlas Technology slipped 7.2%.