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Financials

Hong Kong shares rise as Alibaba, Tencent rebound

Nov 25 (Reuters) - Hong Kong shares edged up on Thursday as tech giants Alibaba and Tencent bounced back after continuous declines.

The Hang Seng index rose 0.2%, to 24,740.16, while the China Enterprises Index gained 0.2%, to 8,809.72 points.

** Alibaba Group rebounded 2.7% after falling for six straight sessions on disappointing earnings, while Tencent Holdings gained 1.2%.

** The Hang Seng Tech Index added 1.1%, even though the uncertainty over the tech crackdown remained.

** China has required Tencent Holdings submit any new apps or updates for inspection before they can be uploaded after a number of its apps were found to have infringed users’ rights and interests, Chinese state media reported on Wednesday.

** The healthcare sub-index rose 1.5%, and the industrials sub-index went up 1.1%.

** China’s Kaisa Group Holdings Ltd surged nearly 14% after it said it wants to extend the maturity of a $400 million bond by a year and a half - part of the property developer’s efforts to avoid a messy default and resolve a liquidity crisis.

** China Evergrande New Energy Vehicle Group jumped more than 10% after it’s onshore unit raised its registered capital by 39% to $3.5 billion. (Reporting by the Shanghai Newsroom)

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