At closing bell, the benchmark Hang Seng Index surged 7.04%, or 1,413.73 points, to 21,501.23. The Hang Seng China Enterprises Index gained 7.52%, or 518.12 points, to 7,407.57.
Market risk sentiments underpinned as investors took in stride the long-expected start of a U.S. monetary tightening. The Federal Reserve increased rates by a quarter points, as expected, and forecast seven rate hikes for the year, in a bid to contain rising price pressures. New talk of compromise from both Moscow and Kyiv on a status for Ukraine outside of NATO lifted hope for a potential breakthrough after three weeks of war, which augured well for investor sentiment.
Also, boosting market sentiment was Vice Premier Liu He on Wednesday statement urging the roll-out of more support for the economy and said policymakers would be cautious with measures for capital markets.
China will roll out measures to stabilize capital markets and bolster economic growth following a massive sell-off in recent weeks, driven by concerns such as Russia's invasion of Ukraine, regulatory risks and virus outbreaks.
Beijing will "actively introduce" market-friendly policies and ensure that any regulation that could have a "significant impact" on the capital markets is coordinated with financial authorities ahead of time to manage market reactions and expectations, as per reports, citing Vice Premier Liu He's remarks during the State Council meeting. The government will also widen access to the capital markets and maintain Hong Kong's market stability through stronger cross-border collaboration.
In corporate news, shares of video-streaming platform Bilibili soared around 16% after the company's board approved a plan to convert its secondary listing status in Hong Kong to primary.
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