Chinese technology stocks advanced sharply on Friday, with Alibaba Group Holding Ltd. jumping 11.41% in Hong Kong trading, as investors responded to positive earnings guidance and anticipated monetary policy easing from Beijing.

Mainland China and Hong Kong stocks ended a choppy week lower after a strong performance run since the start of the year.

The Chinese company's shares rose 5.9% to 47.80 Hong Kong dollars, equivalent to around US$6.14, as of midday Tuesday, taking year-to-date gains to 39%. The shares touched HK$48.15, a new intraday high,

The Xiaomi SU7 Ultra comes with 1,526 horsepower and costs $72,750. The brand wants to sell 10,000 units of the SU7 Ultra in 2025. Recently, the SU7 Ultra beat a Porsche Taycan Turbo GT around the Shanghai International Circuit by about 1.

Xiaomi founder Lei Jun introduces the SU7 Ultra during a launch event held in Beijing, China, Thursday, Feb. 27, 2025. (AP Photo/Ng Han Guan)

Early European trading was mostly down, with France’s CAC 40 down 0.18%, while Germany’s DAX dipped 0.26%. Britain’s FTSE 100 remained mostly unchanged. Hong Kong's Hang Seng rose 1.59% to 22,976.81,

Xiaomi is launching its 212W HyperCharge Power Bank 25000 globally, following its Chinese crowdfunding success. The power bank is currently available in Japan and Hong Kong, with wider distribution planned.

Ren Zhengfei from Huawei, Lei Jun from Xiaomi and Wang Xinxing from Unitree all gave speeches at the high-profile meeting.

Chinese bubble tea giant Mixue’s shares surged 40 per cent on their debut on Monday as Hong Kong’s biggest listing of the year to date highlighted investor focus on mainland China’s price-conscious consumers.

Asian equities were largely lower despite a weaker U.S. dollar overnight, as Japan outperformed and India underperformed.

Lei Jun set out to build the “Apple of China.” Xiaomi’s car business is now outpacing Tesla and Rivian.