HSBC shares rise on spectacular third quarter profits, Hong Kong chip maker surges


In Asia Wednesday, Hong Kong's Hang Seng Index rose 1.6% to close at 22,627. In Japan, the Nikkei Index closed at 9,872, virtually unchanged from yesterday. In China, the Shanghai Composite Index dropped for the first time in nine days, ending the day at 3,175 -- a loss of 0.1%.

In Hong Kong, HSBC Holdings (HBC), the index's most heavily weighted stock, climbed 6% after announcing that its third quarter pre-tax profits were higher than last year, and had exceeded even its own expectations. The bank, which has its headquarters in London, serves more than 100 million customers throughout the world. The bank's CEO plans to relocate to Hong Kong this February, signaling that operations will become more focused on the East.