The figures appear to show a bodhisattva or Buddhist deity making a gesture similar to the Varada Mudra — the “gesture of giving,” compassion, or granting blessings. The lower hand is open and relaxed, facing outward/downward, which is characteristic of that mudra.
The forward hand, however, is shaped a bit differently than the classical forms and may be stylized by the sculptor. Since the figure also seems to hold a lotus stem, it could represent a bodhisattva such as Guanyin or Avalokiteśvara
Guanyin, which literally means 'she who listens to the sound', is one of the most popular Buddhist deities in China. Her figure originated in India as the male deity Avalokitesvara, bodhisattva of compassion; after the introduction of Buddhism in China, he was transformed into a female deity associated to motherly virtues of piety.
