Hong Kong Stocks Add To Gains After China Data

HONG KONG – Hong Kong stocks widened their opening gains Monday morning after data showed China's foreign direct investment surged in January. The Hang Seng Index rose 0.2%, extending recent advances, including a 1.1% improvement on Friday. Among the notable movers, Chinese online major Tencent Holdings Ltd. advanced 1.3%, after Didi Dache -- a leading taxi-hailing app in which Tencent owns a stake -- announced Saturday it would merge with rival Kuaidi Dache, in which Alibaba Group Holding Ltd. has invested, to create a new company, with a more-than-90% market share. Chinese online-game developer Boyaa Interactive International Ltd. added 0.7% on plans to sell its stake in unlisted mobile-game operator Blingstorm Entertainment Ltd. to the Shenzhen-listed Ourpalm Co. for more than 80 million yuan ($13 million). Sino-British banking giant HSBC Holdings PLC tried to stay above water following a two-session rebound, trading up just 0.1% after its Indian banking unit was hit with allegations of tax evasion. Meanwhile, most Chinese banks retreated: China Merchants Bank Co. fell 1.3% after posting a more-than-8% rise in its 2014 net profit. China Minsheng Banking Corp. lost 0.8% after saying it plans to join in a $1.5 billion investment in developing a London financial district. Agricultural Bank of China Ltd. and China Citic Bank Corp. dropped 0.5% each, and Bank of China Ltd. slipped 0.2%. Over on the mainland, the Shanghai Composite Index was quoted just fractionally higher.

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