Hang Seng Tech Index Rises Over 5%, Iluvatar CoreX Jumps 10%, NetEase and Meituan Up 8%

A broad, catalyst-free surge of this size in Hong Kong tech is itself the story: without a named driver, the move reads more as positioning and sentiment than as a repricing of fundamentals. The leadership is telling — a domestic chipmaker outrunning the platform names suggests the rally is being led by hardware and localization themes rather than by the consumer-internet giants that dominate the index's weight. Whether the gains hold once the initial flow passes, and whether a clearer catalyst emerges to justify them, is the open question worth watching.