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Hong Kong shares jump on mainland buying, tech hits record high

* SSEC +0.6%, CSI300 +1.1%, HSI +2.1%

* HK->Shanghai Connect daily quota used 0.6%, Shanghai->HK daily quota used 11.2%

* FTSE China A50 +1.4%

SHANGHAI, Jan 25 (Reuters) - Hong Kong shares climbed more than 2% on Monday as mainland investors continued to buy into the market via the Stock Connect, with tech and material stocks leading the pack.

** The Hang Seng index added 2.1% to 30,057.01, while the Hong Kong China Enterprises Index gained 2.2% to 11,939.37. Both indexes were up after two straight sessions of falls.

** Leading the rally, the Hang Seng tech index jumped 4.1% to a record high, while the Hang Seng materials index rose 2.9%.

** The top gainers among H-shares were Haidilao International Holding Ltd, up 8.5%, followed by Tencent Holdings Ltd, rising 8.32%, and Semiconductor Manufacturing International Corp, up by 8.07%.

** By midday, mainland investors had purchased a net HK$12.4 billion worth of Hong Kong stocks via the Stock Connect linking mainland and Hong Kong, according to Refinitiv data.

** “Compared to other markets, Hong Kong stocks remain relatively cheap,” said Kenny Ng, an analyst at brokerage Everbright Sun Hung Kai in Hong Kong.

** “More and more large U.S.-listed Chinese companies would also seek listings in Hong Kong, increasing the attractiveness of the city’s stock market,” he added.

** He, however, urged caution, saying there might be a correction in the coming weeks after recent strong gains.

** Chinese online video company Kuaishou Technology is aiming to raise $4.95 billion to $5.42 billion in an initial public offering that will be the largest in Hong Kong for more than a year, according to a term sheet reviewed by Reuters.

** On the mainland, the CSI300 index rose 1.1% to 5,628.46 by the end of the morning session, while the Shanghai Composite Index gained 0.6% to 3,627.01.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.85%, while Japan’s Nikkei index was up 0.33%.

** The yuan was quoted at 6.4754 per U.S. dollar, 0.12% firmer than the previous close of 6.483. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Subhranshu Sahu)

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