Hong Kong shares surge 3% after Lam said to 'withdraw' controversial bill

Hong Kong's main stock benchmark surged more than 3% on Wednesday afternoon after media reported the government would formally withdraw the proposed extradition bill that sparked three months of protests in the former British colony.

Hong Kong Chief Executive Carrie Lam will officially withdraw the proposed extradition bill later on Wednesday, meeting one of the protesters' key demands, local media reported citing anonymous sources.

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