Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
World
Navdeep Yadav

Why Alibaba, Nio, Chinese Peers Are Trading Mixed In Hong Kong Today

Shares of major U.S.-listed Chinese companies traded mixed in Hong Kong on Thursday as they struggled for direction.

Chinese tech giants like Alibaba Group Holdings (NYSE:BABA), Baidu Inc (NASDAQ:BIDU), and JD.com (NASDAQ:JD) were trading marginally higher, whereas Tencent Holdings (OTC:TCEHY) cracked nearly 2%.

In the electric vehicle segment, Nio Inc (NYSE:NIO) led the rally for a second consecutive day, while Xpeng Inc (NYSE:XPEV) gained 2% and Li Auto (NASDAQ:LI) shed 2%.

How U.S.-listed Chinese Stocks Are Faring In Hong Kong Today
Stocks Movement (+/-)
Alibaba 0.76%
Baidu 0.49%
Tencent -1.84%
JD.Com 2.08%
Nio 6.64%
Xpeng 0.94%
Li Auto -2.63%

Shares of these Chinese companies ended higher on Wednesday on U.S. bourses.

Global Markets Recap: At press time, the benchmark Hang Seng Index was 0.28% lower, led by the fall in the index heavyweights.

Elsewhere, Japan's Nikkei 225 gained 1.40%, while Shanghai's SSE Composite Index gained 0.16%, and Singapore's SGX Nifty cracked 0.41%.

Macro Factors: The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 1.5% and 1.75%, its largest interest rate hike since 1994.

The Hong Kong Monetary Authority (HKMA) responded by raising its base rate by 75 basis points (bps) to 2% on Thursday in a bid to preserve the local currency peg to the dollar.

Company In News: Alibaba Group's The South China Morning Post (SCMP) named Expedia Group, Inc's (NASDAQ:EXPE) Asia head, Catherine So, as its new CEO.

Baidu is exploring selling its controlling stake in iQIYI (NASDAQ:IQ), Inc at a potential valuation of $7 billion.

Mizuho analyst Vijay Rakesh sees BEVs (battery electric vehicles) as a bright spot amid macro headwinds for China's rebounding.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.