Chinese shares rallied for the third day in a row on Friday, led by media and entertainment stocks on expectations that the sector will see increased cinema sales during the summer season.
Hong Kong stocks gained 24.87 points, or 0.13 percent, at 19,620.01 on Friday.
China's stocks closed higher on Friday with the benchmark Shanghai Composite Index up 0.45 percent to close at 2,593.17.
The ongoing debt crisis in the US and Europe may force China to move faster on renminbi appreciation to mitigate the fallout on the domestic economy, experts say.
China's insurance sector has invested 10 billion yuan ($1.6 billion) in mutual funds and local stock markets, focusing mainly on banks and technology shares, following the recent market rout.
Market volatility and severe declines have reduced the attractiveness of many other investment options, so it's not surprising that investors are increasingly attracted to passion funds.
China Investment Corporation (CIC) is paying nearly 3 billion euros to GDF Suez for a minority stake in the French utility's energy exploration and production business.
China Construction Bank Corp (CCB), the world's second-largest lender by market value, has made a preliminary bid for control of PT Bank Maspion Indonesia, three people with knowledge of the matter said.
Chinese shares rose Thursday as tourism stocks climbed on expectations that the sector will see increased demand during the summer season. Alcoholic beverage makers rallied on speculation that the upcoming Mid-Autumn Festival will boost white wine prices.
China's stock index futures closed higher on Thursday with the contract for August, the most actively traded, up 2.28 percent from the previous day to 2,879.6 points.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, rose 23.74 points, or 2.66 percent, to 915.49 on Thursday.
China's stocks close higher Thursday with the benchmark Shanghai Composite Index up 1.27 percent to close at 2,581.51.