Shares of U.S.-listed Chinese firms traded higher in Hong Kong on Tuesday morning, with electric vehicle makers leading gains, while tech majors such as Alibaba (NYSE:BABA) Group Holding Ltd (NYSE: BABA) and JD.com Inc (NASDAQ: JD) rose as much as 4%.
Web search giant Baidu Inc (NASDAQ: NASDAQ:BIDU) and tech conglomerate Tencent Holdings Ltd (HK:0700) (OTC: TCEHY) also strengthened, while Nio Inc (NYSE: NIO) shot up nearly 9% and was atop the table along with peers Li Auto Inc (NASDAQ: LI), and Xpeng Inc (NYSE: NYSE:XPEV).
Alibaba | 3.61% |
JD.com | 2.90% |
Baidu | 3.44% |
Tencent | 2.69% |
NIO | 8.20% |
Li Auto | 6.04% |
Global Markets Recap: At press time, Hong Kong's benchmark Hang Seng Index soared about 2.15% following positive cues from the global markets. Elsewhere, Australia's ASX 200 gained over 0.21%, Japan's Nikkei 225 was up 0.20%, while Shanghai's SSE (LON:SSE) Composite Index ticked up 0.18%.
Macro Factors: Investor confidence was boosted by the announcement of a phased economic reopening almost after a two-month lockdown as traders re-evaluated the growth prospects for a sluggish economy.
Company In News: Two months after calling the sector "uninvestable," JPMorgan (NYSE:JPM) lifted the rating on at least 15 Chinese tech companies, including Tencent and Alibaba. It also upgraded JD.com to neutral and raised its price target to $58.
Bank of America (NYSE:BAC) Securities upgraded its rating on Nio stock to "buy" from "neutral", and bumped up its price target to $26 from $25 per share.
Hedge fund Tiger Global more than doubled its positions in Chinese EV makers Xpeng and Li Auto.
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