Stocks in Hong Kong soared nearly 4% on Wednesday afternoon trade following reports that a controversial extradition bill is set to be withdrawn.

By the market close, the Hang Seng index had jumped 3.9% to 26,523.23, paring some gains after surging as high as more than 4% earlier.

Hong Kong leader Carrie Lam will reportedly announce the withdrawal of a contentious extradition bill that has sparked months of mass protests and dampened investor sentiment. Its full withdrawal is one of five demands that protesters have been fighting for.

Read more ➡