Shares of U.S.-listed Chinese tech companies traded mixed in Hong Kong on Thursday after tech conglomerate Tencent Holdings Limited (OTC:TCHEY) reported weak earnings results for the fourth quarter.
| Stock | Movement (+/-) |
|---|---|
| Xpeng Inc. (NYSE:XPEV) | +4.1% |
| Li Auto Inc. (NASDAQ:LI) | +2.6% |
| Baidu Inc. (NASDAQ:BIDU) | +0.7% |
| Tencent Holdings Limited (OTC:TCEHY) | -3.1% |
| Alibaba Group Holding Limited (NYSE:BABA) | -0.4% |
| JD.com Inc. (NASDAQ:JD) | -0.2% |
| Nio Inc. (NYSE:NIO) | -0.1% |
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The Macro Factors: The benchmark Hang Seng Index opened lower, but was up 0.2% at press time. The index closed 1.2% higher in the previous session.
Weak earnings from Tencent and an overnight spike in crude oil prices weighed on the market. However, oil reversed course and was down 0.7% to $114.1 per barrel in Asian trades.
Companies In The News: Tencent reported a 25% fall in net income for the fourth quarter from the prior-year period, while revenues grew 8%. Tencent’s growth has been negatively impacted by China’s crackdown on the tech sector.
Alibaba and Tencent have tightened rules for Chinese citizens seeking to purchase non fungible tokens (NFTs) on the companies’ digital marketplaces.
The U.S. Securities and Exchange Commission has added Chinese social media platform Weibo Corp. (NASDAQ: WB) to the list of companies on its Holding Foreign Companies Accountable Act, raising fears about the company’s potential delisting.
Shares of Chinese companies closed mixed in U.S. trading on Wednesday as the major averages ended in negative territory. Tencent closed 5.4% lower, according to data from Benzinga Pro.
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