Shares of major U.S.-listed Chinese companies traded mostly higher in Hong Kong on Friday, with tech giants like Baidu Inc (NASDAQ: NASDAQ:BIDU), JD.com (NASDAQ: JD), and Tencent Holdings (HK:0700) (OTC: TCEHY) gaining at least a percent higher. Alibaba (NYSE:BABA) Group Holdings (NYSE: BABA), however, fell into the red after a higher open.
Li Auto Inc (NASDAQ: LI) led the rally in the electric vehicle segment, while Xpeng Inc (NYSE: NYSE:XPEV) gained 4.11% and Nio Inc (NYSE: NIO) was up 1.74%.
| Alibaba | -0.59% |
| Tencent | 0.82% |
| Baidu | 0.51% |
| JD.com | 3.82% |
| Nio | 1.74% |
| Li Auto | 6.39% |
| Xpeng | 4.11% |
Global Markets Recap: At press time, the benchmark Hang Seng Index advanced 0.72%, led by gains in the tech index.
In the U.S., Dow Jones Industrial Average slumped over 700 points, tumbling below 30,000 points – the lowest level in over a year – after the Federal Reserve raised Fed fund rates.
Elsewhere, Japan's Nikkei 225 cracked 2.18%, Shanghai's SSE (LON:SSE) Composite Index shed 0.18%, while Singapore's SGX Nifty gained 0.53%.
Macro Factors: China's state planner approved 10 fixed-asset investments worth 121 billion yuan ($18.1 billion) in May, a more than six-fold jump from April. The move came as policymakers are seeking to get economic growth back on track after a COVID-induced slump, Reuters reported.
Company In News: A top executive at e-commerce firm JD.com told CNBC that the Chinese regulation of the technology sector is becoming more "rational." "In fact, each country follows the same path when developing a certain area, China and U.S. included, which is to encourage innovation and provide a loose environment at the early stages, and then conduct moderate regulation when the sector develops to a certain level," Xin Lijun, CEO of JD Retail said.
Tencent will hold the gaming event "SPARK 2022" on June 27. The company said players would get to see new features in gaming technology, game products, and better operability of some gaming applications.
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