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Alibaba, Nio Surge, Chinese Peers Mixed In Hong Kong Today

Published 27/06/2022, 04:53
Updated 27/06/2022, 05:40
© Reuters.  Alibaba, Nio Surge, Chinese Peers Mixed In Hong Kong Today

© Reuters. Alibaba, Nio Surge, Chinese Peers Mixed In Hong Kong Today

Shares of major U.S.-listed Chinese companies were trading mixed in Hong Kong on Monday, with gains in major tech stocks offsetting a drag in the electric vehicle sector.

Alibaba (NYSE:BABA) Group Holdings (NYSE: BABA), Tencent Holdings (HK:0700) (OTC: TCEHY), Baidu Inc (NASDAQ: NASDAQ:BIDU), and JD.com Inc (NASDAQ: JD) shot up. Among EV stocks Xpeng Inc (NYSE: NYSE:XPEV) and Li Auto Inc (NASDAQ: LI) slipped, while Nio Inc (NYSE: NIO) traded in the green.

How U.S.-listed Chinese Stocks Are Faring In Hong Kong Today Stocks Movement (+/-)
Alibaba 4.92%
Tencent 3.49%
Baidu 3.99%
JD.com 4.96%
Nio 5.41%
Li Auto -3.98%
Xpeng -0.15%
Shares of these Chinese companies ended higher on U.S. bourses on Friday.

Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 2.75% higher amid signs of economic recovery in China.

Elsewhere, Shanghai's SSE (LON:SSE) Composite Index gained 1.16%, Singapore's SGX Nifty was up 0.84%, while Japan's Nikkei 225 inched 1.04% higher.

Macro Factors: Hong Kong stocks approached their highest level in three months, hoping that the economic data this week would show China's recovery from COVID-19 woes. According to consensus forecasts on the Purchasing Managers' Index tracked by Bloomberg, China's manufacturing is expected to have expanded last month, defying the contraction trend in the past three months.

China is also relaxing its lockdown measures further, with capital Beijing resuming in-class teaching from Monday. Elsewhere, Shanghai's Communist Party chief declared a victory in the city's battle against COVID-19 in a meeting over the weekend.

Company In News: Alibaba Group, JD.com, and Tencent Holdings may not be out of the woods yet. According to reports, China's regulatory crackdown, which has seen a let-up recently, could come back in full force soon.

Korea Investment Management Co fund has gradually lowered its exposure to Tesla Inc (NASDAQ: TSLA), but has added names including BYD Co (OTC: BYDDY) and Xpeng in March and April on the dip.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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