China stocks extended gains on Wednesday as the reserve requirement ratio cut kept investor sentiment buoyed, with consumer staples and chipmakers leading the rise. The CSI300 index (.CSI300) rose 1.1% to 4,976.56 by the end of the morning session, while the Shanghai Composite Index (.SSEC) gained 0.9% to 3,626.11. The Hang Seng index (.HSI) dropped 0.1% to 23,954.91. The Hong Kong China Enterprises Index (.HSCE) lost 0.2% to 8,510.67. ** The People"s Bank of China cut the amount of cash that banks must hold in reserve on Monday, its second such move this year, freeing up 1.2 trillion yuan ($188 billion) in long-term liquidity to bolster slowing economic growth. read more ** Consumer staples (.CSICS) rose 2.5%, with liquor makers (.CSI399997) leading the jump and up nearly 4%. ** Liquor giant Kweichow Moutai (600519.SS), the biggest stock in the A-share market by market cap, surged 3.6%. ** Hot sectors such as semiconductor (.CSIH30184) and new energy (.CSI399808) climbed 2.6% and 1.8%, respectively, after some investors took profits in the previous session. ** Real estate developers (.CSI000952) retreated 0.9%. ** Hong Kong shares edged down as index heavyweight Alibaba Group (9988.HK) slumped 5.1% after witnessing its biggest jump since listing in Hong Kong in the previous session. ** The volatility in share price showed divergent views on the e-commerce giant"s outlook, analysts noted, especially after Alibaba said it would reorganise its international and domestic e-commerce businesses and replace its finance chief. read more ** The Hang Seng Tech Index (.HSTECH) was flat, with internet giants Tencent Holdings (0700.HK) and Meituan (3690.HK) inching up less than 1%. ** Philip Li, investment director at Wellington Management, said the shares of internet firms hit by a crackdown have already reflected the regulatory risks and the sector is attractive now. ** China Evergrande Group (3333.HK) hit an all-time low after it missed a debt payment deadline, putting the developer at risk of becoming China"s biggest defaulter, although hopes of a managed debt restructuring calmed fears of a messy collapse. read more ** The healthcare sector (.HSCIH) rebounded 2.7% after last session"s 5.8% slump. Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu Our Standards: The Thomson Reuters Trust Principles.