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Why Alibaba, Nio, Chinese Peers Are Shooting Up In Hong Kong Today

Published 17/05/2022, 05:10
Updated 17/05/2022, 06:10
© Reuters.  Why Alibaba, Nio, Chinese Peers Are Shooting Up In Hong Kong Today

© Reuters. Why Alibaba, Nio, Chinese Peers Are Shooting Up In Hong Kong Today

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).

How U.S.-listed Chinese Stocks Are Faring In Hong Kong Today Stocks Movement (+/-)
Alibaba 3.61%
JD.com 2.90%
Baidu 3.44%
Tencent 2.69%
NIO 8.20%
Li Auto 6.04%
Shares of these Chinese companies ended mixed in U.S. markets on Monday.

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.

Read Next: Bitcoin Back Below $30K Level, Ethereum, Dogecoin In Red: Why Analyst Thinks Apex Coin Is In A 'Fight For Its Life'

Latest Ratings for BABA

DateFirmActionFromTo
Feb 2022 Barclays (LON:BARC)MaintainsOverweight
Feb 2022StifelMaintainsBuy
Feb 2022 Citigroup (NYSE:C)MaintainsBuy
View More Analyst Ratings for BABA

View the Latest Analyst Ratings

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

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