Hong Kong Stocks Hit 10-Week High; Midea Taps Bond Markets to Raise HK$17 Billion
Hong Kong equities rose to a near 10-week high on Thursday after U.S. President Donald Trump said Washington was making progress toward a peace deal with Iran.The Hang Seng Index rose by 412.50 points, or 1.6%, to end at 26,626.28, the best finish since Feb. 27. The Hang Seng China Enterprises Index increased by 118.73 points, or 1.4%, to 8,919.48.Trump told reporters at the White House that "it's very possible that we'll make a deal," as Tehran reviewed a U.S. peace proposal that could formally end the Middle East conflict.The latest memorandum from the U.S. would kick off discussions to unblock shipping from the Strait of Hormuz and lift sanctions on Iran in exchange for curbs on Tehran's nuclear program, Reuters reported.In local development, Hong Kong's retail sales jumped nearly 13% year on year to HK$33.9 billion in March. Meanwhile, the value of total receipts in the city's restaurant sector rose 1.1% year over year to HK$28.4 billion in the first quarter of 2026.In corporate news, Midea (SHE:000333, HKG:0300) plans to issue HK$8.62 billion of zero-coupon convertible bonds due 2027 and HK$8.62 billion of zero-coupon convertible bonds due 2033.The appliance manufacturer plans to use about 60% of the proceeds for international expansion and offshore liquidity enhancement, with the remainder for general corporate purposes.