The Hang Seng Tech Index rose by 139 points, or 1.94 percent to 7,317 outperforming the blue-chip index, which rose 0.56 percent. Index heavyweight Tencent (0700) climbed 2.62 percent to HK$529.5 yesterday, with HK$10.23 billion shares traded while Alibaba inched up 0.83 percent to HK$268.2. Smartphone maker Xiaomi rose 1.29 percent to HK$23.55 while Meituan (3690) was up 0.74 percent to HK$244.6. Alibaba is to spend a portion of the US$3 billion to acquire some of the Grab stock held by Uber Technologies, a source said. Meanwhile, Xiaomi vice chairman Lin Bin is seeking as much as US$1 billion from the sale of a stake in the smartphone maker.

Source: The Standard September 14, 2020 19:07 UTC