Hong Kong stocks surged on Wednesday following news that CK Hutchison Holdings agreed to sell multiple ports and assets on the two banks of the Panama Canal under pressure from the U.S.-China trade war and geopolitical tensions, amid China's National People's Congress annual parliamentary meeting unveiled new economic growth targets.

The Hang Seng Index jumped 2.84%, or 652.44 points, to close at 23,594.21. The Hang Seng China Enterprises Index surged 3.14%, or 262.93 points, to end at 8,630.40.

Chinese Premier Li Qiang's announcement of a projected 5% gross domestic product growth for the year injected a wave of optimism into the market.

Adding to the positive sentiment, Beijing revealed plans to issue 1.3 trillion yuan in ultra-long special treasury bonds. This move is expected to stimulate investment and support infrastructure projects, further contributing to economic expansion.

The Chinese government also outlined other key economic targets, including a 4% deficit-to-GDP ratio, a 5.5% urban unemployment rate, and a 2% consumer price index. These targets collectively aim to maintain stability and promote sustainable growth.

In corporate news, CK Hutchison Holdings (HKG:0001) agreed to sell all its shares in Hutchison Port Holdings and Hutchison Port Group Holdings to BlackRock. This transfer includes over 43 ports comprising 199 berths in 23 countries and their related resources, as well as 90% interests in Panama Ports. The company's shares surged nearly 22% on the Wednesday close.

Xiaomi (HKG:1810) closed nearly 7% higher, Tencent (HKG:0700) and BYD (HKG:1211, SHE:002594) closed over 3% higher, Alibaba Group (HKG:9988) was nearly 2% up on Wednesday's close while Meituan (HKG:3690) and Semiconductor Manufacturing International or SMIC (HKG:0981, SHA:688981) closed over 6% higher.