Hong Kong stocks rise on news of Alibaba stakes
Hong Kong stocks surged at the opening on Wednesday morning, driven by a big jump in market heavyweight Alibaba and other tech firms after reports said the firm's co-founders had bought huge stakes in the ecommerce giant. The Hang Seng Index rallied 1.62 percent, or 248.47 points, to 15,602.45. The Shanghai Composite Index gained 0.40 percent, or 11.17 points, to 2,782.14, and the Shenzhen Composite Index added 0.39 percent, or 6.38 points, to 1,632.98. (AFP)