HK Hot Stocks: China Merchants Bk leaps, Alibaba up

HONG KONG, March 19 (Reuters) - Here are some stocks on the move in Hong Kong on Wednesday:

As of 0229 GMT, the blue-chip Hang Seng Index .HSI was up 2.5 percent, after the U.S. central bank cut rates by a hefty three-quarters of a percentage point.

The index opened up 3.8 percent at 22,191.88.

STOCKS ON THE MOVE:

* British bank HSBC Holdings plc (0005.HK: Quote, Profile, Research, Stock Buzz) advanced 3.4 percent to HK$121.40, tracking a global rally in banking stocks after the Fed rate cut.

* China Merchants Bank (3968.HK: Quote, Profile, Research, Stock Buzz), China's sixth-largest lender, surged 6.5 percent to HK$22.80 after posting a 127 percent rise in second-half earnings in 2007, beating expectations due to strong non-interest income growth and lower credit costs [ID:nHKG317491].

* Alibaba.com (1688.HK: Quote, Profile, Research, Stock Buzz) rose 16.1 percent to HK$14.16, a day after shares in China's top e-commerce firm dived in a broad sell-off. Shares were also helped by its forecast-beating earnings, issued after the market close [ID:nSHA236206].

* Jiangxi Copper (0358.HK: Quote, Profile, Research, Stock Buzz) advanced 6 percent to HK$15.18. Goldman Sachs said in a report dated Wednesday it was adding the stock to its conviction buy list, citing new revenue streams from sulphuric acid, a by-product of copper smelting..

* China Resources Power (0836.HK: Quote, Profile, Research, Stock Buzz) vaulted 9.1 percent to HK$13.90 after saying it would buy from its controlling shareholder about 54 percent stake in power plants operator Shenhai Thermal Power in Liaoning Province for 1.12 billion yuan. (Reporting by Rita Chang; Editing by Ken Wills)