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HONG KONG _ Hong Kong shares bounced back Thursday, lifted by sharp gains in China Mobile (Hong Kong) Ltd. after two investment banks upgraded their price target and recommendation for the heavyweight telecom operator.

The blue chip Hang Seng Index rose 202.0 points, or 0.9 percent, to 22,809.02.

China Mobile rose 3.7 percent to HK$89.05 and had the highest turnover among listed companies, with HK$4.9 billion worth of shares traded, up from HK$2.4 billion Wednesday.

"We expect (the company) to dominate the high-growth China telecom market for the next two to three years, irrespective of pending industry restructuring," said Citigroup, which upgraded China Mobile to a "buy" from "hold," raised its target price to HK$115 from HK$73.

JPMorgan also raised its target price to HK$97 from HK$83, saying China Mobile benefits significantly from the great amount of liquidity in the market, while a possible listing in the mainland bourse may also provide a boost to its share price.

Upgrades also helped lift shares in Chinese insurance companies. Ping An Insurance jumped 4.2 percent to HK$61.30.

Analysts said the latest rebound in the blue chip index may be short-lived, given increasingly expensive valuations following its recent bull run.

In the eight trading sessions this month, the Hang Seng Index has already surged 4.8 percent.

"The benchmark index is already looking quite expensive at the current levels despite the strong liquidity levels in the market," said Ben Kwong, chief operating officer at KGI Asia Ltd.