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Hong Kong Stocks Edge Higher Wednesday Ahead of Fed Decision; Lygend Gains 3%

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Hong Kong stocks edged higher on Wednesday as the global bond selloff paused, while softer oil prices offered some relief ahead of the Federal Reserve's interest-rate decision later in the day.

The Hang Seng Index rose 46.54 points, or 0.2%, to close at 24,713.78, while the Hang Seng China Enterprises Index gained 1.46 points, or 0.02%, to 8,206.37.

Oil prices slipped despite Iran-backed Houthi attacks disrupting operations at Saudi Arabia's Yanbu export hub and prompting Riyadh to cancel some energy cargoes to European customers.

Markets also drew support from reports that the U.S. and China are discussing tariff cuts on certain goods ahead of Chinese President Xi Jinping's visit to the White House next week.

Among individual stocks, Lygend Resources & Technology (HKG:2245, SHE:002146) rose nearly 3% after receiving approval for a Shenzhen secondary offering of 172.9 million shares, representing 10% of its post-issuance capital.

What else is happening in Asia?

Asia

Guangdong Skychem Technology Proposes Hong Kong Listing; Shares Up 4%

Guangdong Skychem Technology (SHA:688603) plans to list its H shares on the Hong Kong bourse to advance its globalization strategy and build an international capital operation platform.The proposal requires approvals from the board and shareholders as well as Chinese and Hong Kong regulators, according to a Wednesday filing with the Shanghai bourse.Shares of the electronic chemical manufacturer climbed 4% in recent trade.

Hang SengSHA:688603
Asia

Market Chatter: Anthropic to Open Office in Singapore in October

Artificial intelligence company Anthropic is set to open its office in Singapore in October, local media reports said on Wednesday, citing a company statement.This will be the company's fifth office in the Asia-Pacific region, with existing offices in Tokyo, Bengaluru, Seoul, and Sydney, the reports said.Anthropic has appointed Dale Finlay as general manager of ASEAN to lead regional commercial operations based out of Singapore.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^STI
Asia

Range Intelligent Computing Technology to Commit 1 Billion Yuan to AI Fund

Range Intelligent Computing Technology (SHE:300442) will commit 1 billion yuan to an artificial intelligence fund, according to a Tuesday after-hours filing with the Shenzhen bourse.The amount is equivalent to 20.4081% of the 4.90-billion-yuan Xiamen Times Deep Venture Capital Fund Partnership, the filing said.The fund, which has a term of seven years, will invest in artificial intelligence, embodied AI, technology applications, and frontier technologies, the filing said.Shares in the digital infrastructure and data center operator rose 2% during the midday break on Wednesday.

SHE:300442