Share prices closed sharply higher, with the key index posting its biggest one-day percentage gain since Oct 29, 1997, following a 28 pct drop in the previous five trading sessions.
HSBC led the rebound as it soared 20 pct after shedding nearly 30 pct over the previous five days on worries that its growth will slow in emerging markets.
China financials also surged on speculation that Chinese government entities bought bank and insurance shares on the mainland.
China property developers were mostly lower as latest earnings reports from the sector confirmed a major slowdown in housing sales on the mainland.
Bank of East Asia gained over 10 pct, recovering from a nearly 9 pct fall in early trade after it warned of a sharp fall in full-year earnings due to a loss on the sale of its CDO portfolio.
Kowloon Development plunged over 41 pct after revealing large investment losses.
The Hang Seng index closed up 1,580.45 points or 14.35 pct at 12,596.29, off a low of 11,133.94 and high of 12,596.29.
Turnover was 66.05 bln hkd.
HSBC gained 15.0 hkd or 20 pct at 90.
Among China financials, ICBC rose 0.46 hkd or 16.43 pct at 3.26, Bank of China was up 0.38 hkd or 22.22 pct at 2.09, China Life was up 2.32 hkd or 13.89 pct at 19.02 and Ping An Insurance up 2.0 hkd or 8.33 pct at 26.
In the China property sector, Agile Property lost 0.14 hkd or 6.36 pct at 2.06, Guangzhou R&F was down 0.46 hkd or 12.6 pct at Beijing Capital Land up 0.02 hkd or 3.77 pct at 0.55.
Bank of East Asia rose 1.36 hkd or 10.16 pct to 14.74.
Kowloon Development shed 1.11 hkd or 41.73 pct at 1.55.
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