Shares of major US-listed Chinese companies traded mostly higher in Hong Kong on Thursday, with tech giants like Alibaba Group Holdings FATHER, Tencent Holdings TCEHYand Baidu Inc. BIDU trading higher, while JD.com Inc. JD bucked the trend.
Li Auto Inc. LI led the rally in the electric vehicle segment, while Nio Inc. NIO and Xpeng Inc. XPEV gained at least 4% each.
Shares of these Chinese companies ended up mixed on US markets overnight.
Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 0.67% higher after paring early gains.
In the US, the Dow Jones index closed on a muted note, dragged by losses in the oil & gas, basic materials, and industrial sectors.
Elsewhere, Shanghai’s SSE Composite Index gained 0.45%, Singapore’s SGX Nifty was up 0.21%, while Japan’s Nikkei 225 pared gains to trade in the red.
Macro Factors: Chinese President Xi Jinping has pledged to meet the country’s economic targets for the year despite the government’s zero-tolerance approach to combating COVID-19 outbreaks, which brought the businesses to a grinding heck.
xinhua reported that in a keynote speech to a virtual BRICS Business Forum on Wednesday, Xi said the country will “strengthen macro-policy adjustment and adopt more effective measures to strive to meet the social and economic development targets for 2022 and minimize the impacts of COVID-19.”
according to CitigroupHong Kong’s blue-chip stocks could climb by as much as 16% in the second half of this year, led by stronger corporate earnings, SCMP reported.
Company In News: Billionaire Jack Ma-founded Alibaba Group and Ant Financial are reportedly eyeing to disentangle their operations from each other in a bid to stave off any potential regulatory threat.
Through its Pakistani e-commerce subsidiary DarazAlibaba expanded its reach across Bangladesh, Sri Lanka, Nepal, and Myanmar, becoming South Asia’s largest e-commerce company outside India.