China, Hong Kong stocks rise on healthcare, tech advance

China and Hong Kong's stock markets climbed on Thursday, as healthcare stocks soared and technology shares recovered from a recent decline, as part of a broader market recovery in Asia. The large-cap CSI300 Index in China gained 0.2% by midday, after plummeting 3% on Wednesday. The Shanghai Composite Index rose 0.3%. Hong Kong's Hang Seng Index climbed 1.5%, following a near flat performance on Wednesday.

Investors found reassurance in the strength of neighboring markets after a global tech selloff earlier in the week. South Korea's Kospi Index surged 7%, while Japan's stock market rose 1%. Market sentiment improved further following the announcement of a series of Chinese companies, including Foxconn Industrial Internet Co and CCCC Design & Consulting, announcing share buybacks or purchases.

Healthcare stocks in both China and Hong Kong jumped significantly after Moderna and Merck announced a major breakthrough in a new cancer treatment on Wednesday, sending Moderna's shares up as much as 160%, while Merck rose 12%. China's CSI Vaccine and Biotech Index surged 10%, while Hong Kong's Hang Seng Innovative Drug Index advanced over 8%.

However, tech shares managed to recover some of Wednesday's losses. The STAR100 Index in China jumped nearly 3% after a 7% decline, and Hong Kong's AI Index climbed 4%. Nonetheless, shares of Chinese humanoid robot maker Unitree fell 16% after experiencing a more than fivefold increase in a highly successful trading debut in Shanghai on Wednesday.