At closing bell, the benchmark Hang Seng Index added 1.09%, or 262.21 points, to 24,242.86. The Hang Seng China Enterprises Index rose 0.97%, or 92.80 points, to 9,629.29.
Market commenced trading with firm footing on optimism for a new US stimulus package after House Speaker Nancy Pelosi set a Tuesday deadline for a pact to be hammered out, while President Donald Trump urged his Republican party to offer more than the $1.8 trillion they have put forward, adding that he would be willing to go higher than the Democrats' $2.2 trillion proposal. Pelosi and Treasury Secretary Steven Mnuchin held talks over the weekend and planned more on Monday.
Boosting overall sentiment, drugmaker Pfizer Inc said on Friday it could have a coronavirus vaccine ready in the United States by the end of this year.
Shares of financials led gains with ICBC rising 3.6 per cent while HSBC gained 2.5 per cent. AAC Technologies, which derives 40 per cent of its revenues from Apple, rose 2.5 per cent.
Alibaba shares gained 1.1 per cent to HK$297.20, after its affiliate Ant Group has won approval from China's top securities regulator for a review of its jumbo initial public offering plan in Hong Kong. The e-commerce giant also announced it will pay HK$28 billion (US$3.6 billion) to take control of China's largest hypermarket operator Sun Art Retail Group from the French billionaire Mulliez family. The deal will double its effective stake to 72 per cent. Sun Art surged 19 per cent to HK$9.45, the most since April 2015.Alibaba is offering to buy the rest of the shares at HK$8.10 each or 21 per cent above its Friday closing price.
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