Behind Hong Kong's Stock-Market Surge: An Old Bank and a Millennial Tech Giant – Wall Street Journal (subscription)

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HONG KONG—One is a British bank founded in the 19th century colonial era. The other is a millennial Chinese technology giant barely two decades old. Together, they are driving Hong Kong’s stock market to its highest level in two years.

A 20% rise in the shares of HSBC Holdings PLC this year and a 50% jump in Tencent Holdings Ltd.—the two biggest stocks by weighting in the benchmark Hang Seng Index—helped push it through the 26000 barrier Thursday to its highest level on an intraday basis since July 2015. The index’s 1.2%…