The Hang Seng surged 540 points or 2.2% to close at 25,617 on Monday, its biggest one-day gain since August 13 and the second straight rise, lifted by broad-based gains. Consumer shares jumped around 3%, followed by solid rises in tech and property. Sentiment was buoyed by upbeat August manufacturing PMI data in China from a private survey, showing renewed output growth and robust new orders. Meanwhile, mainland equities rose for the third session as ample liquidity sought higher returns. Gains were partly capped by mixed U.S. futures, following reports that a Court of Appeals ruled many of Trump’s levies illegal but kept them in place until at least mid-October. Meanwhile, Wall Street will be closed today for a holiday. Alibaba soared 18.5% on optimism over its cloud business. Pharma stocks also rallied, with robust gains from Innovent Biologics (8.2%), Wuxi Biologics (7.2%), and Sino Biopharma (6.2%), fueled by faster drug approvals, upbeat guidance, and AI-driven biotech prospects.