Shares of U.S.-listed Chinese companies were nearly flat in Hong Kong on Tuesday morning.
Major tech names like Alibaba (NYSE:BABA) Group Holding (NYSE: BABA), JD.com Inc (NASDAQ: JD), Tencent Holdings (HK:0700) (OTC: TCEHY) and Baidu Inc (NASDAQ: NASDAQ:BIDU) were slightly in the green, as were electric vehicle makers Nio Inc (NYSE: NIO) and Xpeng Inc (NYSE: NYSE:XPEV).
Li Auto Inc (NASDAQ: LI), however, was down marginally at press time.
| Alibaba | 0.05% |
| JD.Com | 0.27% |
| Tencent | 0.86% |
| Baidu | 1.60% |
| Nio | 0.83% |
| Xpeng | 0.73% |
| Li Auto | -0.05% |
Global Markets Recap: At press time, the benchmark Hang Seng Index was up 0.20%.
Elsewhere, Asian peers showed mixed sentiment, with Japan's Nikkei 225 and Shanghai's SSE (LON:SSE) Composite Index trading 0.11% and 0.34% higher, respectively, while Australia's ASX 200 was down 0.46%.
Macro Factors: Shanghai is set to lift its strict COVID-19 lockdown from June 1.
Official Chinese factory activity data for May showed vast improvement compared with the previous month. The National Bureau of Statistics said the official manufacturing purchasing managers index rose to 49.6 in May from 47.4 in April.
Oil prices also jumped after the European Union late on Monday banned 90% of Russian crude by the end of the year. The embargo comes as a sixth sanction by the EU on Russia since it invaded Ukraine.
Company In News: A San Francisco-based fund Dodge & Cox, accumulated $1.26 billion worth of stocks of Alibaba, JD.com, and Baidu over the past four quarters, according to an SMCP report, citing 13F filings.
A Barrons report showed that Generation Investment Management, co-founded and chaired by former U.S. Vice President Al Gore, loaded up on shares of Alibaba, and trimmed its stake in Microsoft Corp (NASDAQ: NASDAQ:MSFT) and Cisco Systems Inc (NASDAQ: NASDAQ:CSCO).
According to local media news reports, Nio is reportedly planning to set up a new plant in the U.S. as it hires for several positions related to making vehicles.
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