Shares of Wuxi Biologics (2269.HK), a leading Chinese biotech company, skyrocketed 16% on Tuesday, significantly outperforming the broader Hong Kong market. This surge was primarily driven by a massive influx of buying interest from mainland Chinese investors ahead of the National Day holiday in China.
According to reports, mainland traders bought a staggering net HK$12.1 billion worth of Hong Kong stocks on Monday, with Wuxi Biologics being one of the top targets. The buying frenzy from investors north of the border helped push overall trading volume in Hong Kong to a record-high HK$505.8 billion.
Year-to-date, mainland investors have poured a substantial $64 billion into Hong Kong stocks, exceeding the total $42 billion purchased throughout 2023. This increased appetite for Hong Kong equities, particularly in high-growth sectors like biotechnology, has provided a significant boost to companies like Wuxi Biologics as the city's financial markets gear up for the National Day break.
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