Chinese stocks rallied in the first day back from their long holiday, but disappointment that Beijing announced no further stimulus measures saw gains sharply pared and left Hong Kong with chunky losses.

Chinese chip stocks gained $13 billion on Monday as traders expect Beijing to extend stimulus support to the semiconductor industry on Tuesday.

Just a few weeks ago, many investors in China’s stock markets were ready to give up and eager to sell. Then late last month, traders rushed in to make bullish bets after the government’s leaders announced a series of steps to stimulate China’s faltering economy.