China and Hong Kong Stocks Advanced, PBoC Held Rates Steady

Li Chen
24 Jan, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced after Beijing stepped up measures to bolster stock markets. 

The Hang Seng index gained 1.6%, and the mainland-focused CSI 300 index advanced 0.8% after the People's Bank of China held its medium-term lending rate steady.

China's central bank held its one-year medium-term lending facility rate steady at 2%, meeting the market expectations. 

The China Securities Regulatory Commission urged investment and insurance companies to increase their exposure to onshore stocks for the second day in a row. 

Insurance companies are required to invest about 30% of premiums received from new policies into the stock market starting this year, according to a directive released by the regulator on Thursday.

 

China Stock Movers 

The Hang Seng index increased 1.6% to 20,023.69, and the mainland-focused CSI 300 index added 0.8% to 3,832.86. 

For the week, the CSI 300 index was nearly unchanged, and the Hang Seng index gained 1.2%. 

Electric vehicle makers were in focus after the three leading companies filed a legal case against the European Commission related to its anti-dumping subsidies on the Chinese makers. 

BYD increased 1.3% to HK $274.20, Li Auto Inc. advanced 2.6% to HK $89.60, and Geely Auto increased 2.2% to HK $14.46. 

Nongfu Spring Co. Ltd. gained 3.5% to HK $35.10 after the company's founder, Zhong Shanshan, vowed to end the price war after a year of aggressive price cuts and personal attacks. 

Avic Yishang Warehouse advanced 10% to 2.95 yuan on the first day of trading in Shanghai after the company completed its initial public offering. 

E Fund Huawei Farmers shot up 25% to 3.55 yuan after the company completed its initial public offering and listed its stock on the Shenzhen stock exchange.