Shares of U.S.-listed Chinese companies were trading mostly higher in Hong Kong on Tuesday morning on mostly firmer global cues.
Major tech giants like Alibaba Group Holding (NYSE: BABA), JD.com Inc (NASDAQ: JD), and Tencent Holdings (OTC: TCEHY) were in the green, while Baidu Inc (NASDAQ: BIDU) stumbled.
Among electric vehicle stocks, Li Auto Inc (NASDAQ: LI), Nio Inc (NYSE:NIO), and Xpeng Inc (NYSE: XPEV) rose.
| Stocks | Movement (+/-) |
|---|---|
| Alibaba | 2.17% |
| JD.com | 5.44% |
| Tencent | 1.85% |
| Baidu | -1.57% |
| Nio Inc | 5.22% |
| Li Auto | 1.32% |
| Xpeng | 1.92% |
Shares of these Chinese companies, including Baidu, ended higher on Monday on U.S. bourses.
Global Markets Recap: At press time, the benchmark Hang Seng Index was marginally down after trading in the green for a while.
Overnight in the U.S., Dow Jones Industrial Average pared early trading gains to end the day on a muted note.
Elsewhere, Shanghai's SSE Composite Index was trading 0.16% higher, Japan's Nikkei 225 was up 0.41%, while Australia's ASX 200 shed 0.88%.
Macro Factors: Hong Kong's Financial Secretary Paul Chan Mo-po told the legislative council panel on Monday the economy will continue to improve if the city's COVID-19 situation remains under control. The government had downgraded its full-year forecast for the economic growth to 1-2% for 2022 from a prior 2-3.5% projection.
The Financial Secretary also addressed concerns from lawmakers about losing tax revenue as a growing number of residents immigrated to other places amid the strict COVID-19 policy, SCMP reported.
Company In News: Alibaba's affiliate Ant Group has set up a digital bank called ANEXT Bank in Singapore.
Shares of several Chinese stocks, including Nio, Xpeng, and Li Auto rose after Chinese regulators completed their investigation of ride-hailing company DiDi Global (NYSE: DIDI) with a seemingly positive outcome.
According to technicals, Nio stock could soar 50% higher if this trend continues.
