HK Stock Market Move | The Hong Kong Stock Exchange (00388) surged more than 5% in the closing session, reaching a new high in the stage. The strength of Hong Kong stocks recently has supported the stock price of the Hong Kong Stock Exchange.

Hong Kong Stock Exchange (00388) rose nearly 5% at the close, up 5.35% at the time of writing, at 335 Hong Kong dollars, with a turnover of 46.88 billion Hong Kong dollars. On the news front, Contemporary Amperex Technology has submitted an application to the Hong Kong Stock Exchange for listing, with a fundraising scale that may exceed 5 billion US dollars, potentially becoming the largest listing transaction in Hong Kong in recent years. According to Daily Economic News, as many as 40 companies have "rushed" to the Hong Kong Stock Exchange in January, setting a new high in the number of applications submitted, and the enthusiasm for Hong Kong IPOs has further increased, with 8 of them being A-share listed companies, further interpreting the trend of "A+H" dual listings. Bank of America Securities stated that recently, Hong Kong stocks have been on the rise led by technology-related stocks. This round of uptrend has mainly focused on the period after the Chinese New Year in February, during which the three major indices have risen by 6%, 8%, and 12% respectively. In addition, the average daily turnover of Hong Kong stocks has increased from 142 billion Hong Kong dollars in December last year and 144 billion Hong Kong dollars in January this year to 191 billion Hong Kong dollars since February. With such strong average daily turnover and the good performance of Hong Kong stocks, it has formed strong support for the Hong Kong Stock Exchange, maintaining a "buy" rating for the exchange, with a target price set at 349 Hong Kong dollars.