The Hang Seng rose 192 points, or 0.75%, to end at 25,690 on Friday, extending gains for a third session as all major sectors advanced. Sentiment was lifted by a continued rise in mainland equities amid reports that ByteDance had struck a deal with three major investors to form a joint venture to operate TikTok’s U.S. app, aiming to avert a potential ban. Hopes for new stimulus from Beijing before year-end also supported the market, while traders awaited the PBoC’s upcoming rate fixing. Man Wah Holdings jumped 7.3% after agreeing to acquire U.S. furniture maker Gainline Recline Intermediate for USD 58.7 million, including debt. CSPC Pharma surged 2.8% on positive psoriasis drug trial results, alongside strength from Nongfu Spring (3.8%), Galaxy Entertainment (2.2%), and Meituan (1.5%). However, Hong Kong shares logged a second weekly decline of 1.1%, burdened by concerns over record global AI spending and stretched valuations, as well as weakening Chinese economic momentum in November.