Shares of U.S.-listed Chinese tech companies surged in Hong Kong on Wednesday, lifting the benchmark Hang Seng Index into positive territory after three days of losses.
| Li Auto Inc. (NASDAQ: LI) | +14.0% |
| JD.com Inc. (NASDAQ: JD) | +11.9% |
| Xpeng Inc . (NYSE: NYSE:XPEV) | +9.1% |
| Nio Inc. (NYSE: NIO) | +8.9% |
| Tencent Holdings (HK:0700) Limited (OTC: TCEHY) | +6.8% |
| Baidu Inc. (NASDAQ: NASDAQ:BIDU) | +6.1% |
| Alibaba (NYSE:BABA) Group Holding Limited (NYSE: BABA) | +5.8% |
The Macro Factors: The benchmark Hang Seng Index was up 2.4% at the time of writing, rebounding from a fresh six-year closing low on Tuesday.
Optimism about peace talks in Ukraine helped boost risk appetite. Ukrainian President Volodymyr Zelensky said the peace talks were sounding more realistic but more time was needed, Reuters reported.
In addition, China’s clarification of its stance on the sanctions imposed on Russia over its Ukraine invasion also supported upbeat sentiment.
China’s foreign minister Wang Yi said that while Beijing was not a party to the crisis and did not want the sanctions to affect China, his country has the right to defend its interests, as per a report by CNBC.
Meanwhile, new home prices in China fell for a sixth straight month in February despite efforts by the government to stimulate demand, Bloomberg reported, citing data from the National Bureau of Statistics.
Companies In The News: Alibaba’s Alibaba Cloud has launched its cloud computer in Singapore, marking its debut outside China.
In addition, Alibaba affiliate Ant Group has divested its entire stake in tech news firm 36KR Holdings Inc., as it seeks to comply with Chinese regulators.
Shares of Chinese companies closed mixed in U.S. trading on Tuesday even as the major averages ended notably higher.
Read Next: Volkswagen (DE:VOWG_p) To Shift More Production To China, North America As Russia-Ukraine War Roils Europe Supply Chain
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga