Shares of several of the U.S.-listed Chinese tech companies are trading significantly higher in Hong Kong on Monday — while the benchmark Hang Seng Index trimmed early gains — as investors hoped for policy support measures from Beijing.
| Nio Inc. (NYSE: NIO) | +9.2% |
| Xpeng Inc . (NYSE: NYSE:XPEV) | +5.4% |
| Alibaba (NYSE:BABA) Group Holding Limited (NYSE: BABA) | +4.0% |
| Li Auto Inc. (NASDAQ: LI) | +2.6% |
| Tencent Holdings (HK:0700) Limited (OTC: TCEHY) | +1.0% |
| JD.com Inc. (NASDAQ: JD) | +0.6% |
| Baidu Inc. (NASDAQ: NASDAQ:BIDU) | -3.7% |
The Macro Factors: The benchmark Hang Seng Index pared initial gains and was up about 0.3% at press time.
China on Monday kept its one-year loan prime rate (LPR) unchanged at 3.7%, in line with analysts’ expectations, Reuters reported. The LPR saw two consecutive cuts in December and January.
Investors are now hopeful for policy support measures by Beijing.
Companies In The News: Electric vehicle maker Nio said it does not currently plan to raise prices for its electric vehicles, even as its rivals such as Tesla Inc (NASDAQ: TSLA), Xpeng and BYD Co. (OTC: BYDDY) raised prices last week due to inflationary pressures.
Shares of heavily indebted property developer China Evergrande Group (OTC: EGRNF) and its other units were suspended from trading in Hong Kong on Monday, but no reasons were given for the trading halt.
Walt Disney Company (NYSE: NYSE:DIS) said that its Shanghai resort and parks will be temporarily closed from Monday, March 21, due to the COVID-19 outbreak in the city.
Shares of Chinese companies closed higher in U.S. trading on Friday as the major averages extended their rally to a fourth straight session.
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