HONG Kong shares have climbed 2.16 per cent to a 16-month high, boosted by a strong rally in Shanghai, which enjoyed a rebound from near four-year lows.
The benchmark Hang Seng Index on Wednesday rose 470.94 points to end at 22,270.91 on turnover of HK$94.73 billion ($A11.72 billion).
Trading volume was inflated by interest in Ping An after HSBC sold its entire stake in China's second-largest life insurer for $US9.4 billion ($A9.01 billion).
Investors were cheered by the 2.87 per cent rally in Chinese shares on expectations Beijing will soon announce new economic policies after a meeting of top political leaders. On Monday, the Shanghai market sank to its lowest level since January 2009.
The gains were in line with a regional rally spurred by upbeat eurozone news and hopes US talks to avert the fiscal cliff of tax hikes and spending cuts will be successful.
The best-performing blue chip was Ping An, which jumped 4.9 per cent to $HK60.50 after HSBC said it will sell its 15.57 per cent stake to Thailand conglomerate Charoen Pokphand.
Brokerages also rallied. Citic Securities gained 5.2 per cent to $HK15.02 and Haitong Securities jumped 6.7 per cent to $HK10.18.
Bank of East Asia rose 2.2 per cent to $HK30.35.
In China the benchmark Shanghai Composite Index ended up 56.77 points at 2,031.91 on turnover of 85.5 billion yuan ($A13.04 billion).
"The index is rebounding from a period of heavy selling as trading volumes pick up," Chen Zhen, an analyst at Gold State Securities, told Dow Jones Newswires.
Despite a rebound in China's economy, buying has been weak on fears of a share glut as a number of listings are in the pipeline, while dealers have also been left disappointed by a lack of government action to boost the market.
Property stocks rose after China Vanke, the country's largest developer by sales, said on Tuesday that its sales in November were 17.13 billion yuan, double that of November last year.
China Vanke added 2.1 per cent to 9.14 yuan while Poly Real Estate jumped 1.9 per cent at 12.08 yuan.
Construction material-related firms rose on hopes of rising demand. Anhui Conch Cement gained 4.9 per cent at 17.42 yuan and Baoshan Iron and Steel rose 1.3 per cent to 4.69 yuan.
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