Shares of U.S.-listed Chinese companies were trading mixed in Hong Kong on Friday morning, with major tech names like Alibaba Group Holding Ltd (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and Baidu Inc (NASDAQ:BIDU) trading lower.
Defying the tech trend, JD.com Inc (NASDAQ:JD) was trading marginally higher.
Among electric vehicle stocks, Xpeng Inc (NYSE:XPEV) and Li Auto Inc (NASDAQ:LI) traded in the green, while Nio Inc (NYSE:NIO) shed 2.50% after paring early losses.
| Stocks | Movement (+/-) |
|---|---|
| Alibaba | -0.54% |
| Tencent | -0.56% |
| Baidu | -3.54% |
| JD.Com | 0.80% |
| Nio | -2.50% |
| Li Auto | 4.27% |
| Xpeng | 1.99% |
Shares of these Chinese companies ended lower on Thursday on U.S. bourses.
Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 0.66% lower, trimming gains for the week.
Overnight in the U.S., the Dow Jones Industrial Average toppled nearly 2%.
Elsewhere, Shanghai's SSE Composite Index gained 0.22%, while Australia's ASX 200 shed 0.82%, and Japan's Nikkei 225 lost 1.41%.
Macro Factors: After a Reuters report claimed Beijing gave an initial nod to revive Ant Group's IPO as the crackdown eased, China's regulator stepped in to clear the air, tempering optimism about policy loosening in the sector.
The China Securities Regulatory Commission said in a statement that it "has not conducted any assessment or research" for the potential resumption of Ant's offering.
According to the data released by China's Bureau of Statistics, its producer inflation in May rose 6.4% from a year earlier, in line with expectations.
Company In News: Ant denied reports about its IPO plan in the pipeline. The Jack Ma-controlled group said: "Under the guidance of regulators, we are focused on steadily moving forward with our rectification work and do not have any plan to initiate an IPO."
Meanwhile, Alibaba and on-demand service platform operator Meituan (OTC:MPNGY) jointly handed out 92% of China's antitrust fines in 2021, up 52 times versus 2020.
Nio issued guidance for the second quarter below analyst estimates.
