Hang Seng index was among the better performers in Asia, gaining 1%

Most Asian stocks rose on Wednesday with Hong Kong shares rebounding sharply on strength in technology names, while losses in Softbank Group, after it sold its entire stake in Nvidia, hampered Nikkei index.

Hang Seng index was among the better performers in Asia, gaining 1% in morning trade.

The index was supported chiefly by gains in tech and health-tech stocks, with Jd Health International and Alibaba Health Information Technology Ltd up 5.8% and 3.6%, respectively.

Electronics giant Xiaomi Corp added 3.8% after data from the China Passenger Car Association showed the company’s YU7 beat the Tesla Inc Model Y for the first time in October.

Xiaomi sold a total 48,654 EVs in October, of which 33,662 were the YU7. This figure was higher than Tesla’s total China sales in China, of 26,006 vehicles.

Wednesday’s gains put the Hang Seng at an over one-month high, and back in sight of peaks hit in early-October.

Mainland China indexes were less upbeat, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moving in a flat-to-low range.

Nikkei 225 index was flat, as gains in cyclicals and Sony Corp were largely offset by a tumble in SoftBank Group Corp.

Softbank slipped 10% and was the biggest weight on the Nikkei, after the company disclosed it sold off its entire stake in Nvidia Corp– 31.2 million shares for $5.8 billion– in October.

The disclosure largely overshadowed stronger than expected fiscal second quarter earnings from Softbank, as the tech conglomerate reaped strong returns on its aggressive investments in artificial intelligence.

Among other movers, Sony Corp gained nearly 3% after it clocked stronger than expected earnings and also hiked its annual guidance.

Strength in cyclicals helped TOPIX index gain 1%.

Broader Asian markets were mostly positive. KOSPI rose 0.8%, with gains in cyclicals offsetting losses in major chipmaking stocks.

ASX 200 gained 0.2%, while Straits Times index rose 0.3%.