Hong Kong Stocks Surge: Hang Seng Futures, ADRs & Northbound Flows Update

March 23, 2026 Priya Shah – Business Editor Business

Hong Kong’s Hang Seng Index futures rose sharply overnight, gaining over 200 points, as U.S. President Donald Trump announced plans for a phone call with Chinese President Xi Jinping following what he described as “very good” trade talks in Spain. The Hang Seng Index futures were trading at 26,656 points, up 177 points or 0.67%, with a premium of 209 points.

The positive market reaction extended to U.S.-listed Chinese stocks, with Alibaba’s American Depositary Receipts (ADRs) rising 3.08% and JD.com ADRs gaining 1.72%. Trump’s statement, posted on his Truth Social platform, indicated a potential agreement regarding TikTok, stating, “We have a deal on ‘certain company’ that the young people of America very much want to save. They will be very happy!” He also emphasized that his relationship with Xi Jinping remains “very strong.”

U.S. Treasury Secretary Scott Bessent subsequently confirmed the planned phone call between the two leaders, adding that the U.S. And China had reached a framework agreement on TikTok. However, Bessent refrained from disclosing the commercial terms of the deal. U.S. Trade Representative Jamieson Greer indicated that broader issues, including tariffs, would be deferred until the Friday call between Trump and Xi.

The trade talks in Spain, which began on September 14th, were led by Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Bessent. This marked the fourth meeting between the two sides in Europe. Trump also suggested the possibility of further tariff reductions if the dialogue progresses favorably.

The market’s initial optimism was tempered by earlier announcements of new tariffs. On October 10th, Trump threatened to impose a 100% tariff on all Chinese imports if re-elected, accusing China of becoming “very hostile.” This announcement triggered a sell-off of U.S.-listed Chinese stocks, with Alibaba and Baidu both falling over 8% on October 10th. The iShares MSCI China ETF (MCHI) also declined by 5.2%.

However, on March 6th, markets reacted positively to Trump’s announcement of tariff exemptions for automakers, leading to a broad rally in U.S. Stocks. Stellantis shares rose over 9%, General Motors increased by over 7%, and Ford gained nearly 6%.

In a separate development on September 11th, Trump again urged the Federal Reserve to significantly lower interest rates, stating, “There is no inflation in America.” Alibaba also announced plans to issue approximately $3.2 billion in notes, with around 80% of the funds earmarked for strengthening its cloud infrastructure. The stablecoin issuer Figure also began trading on September 11th.