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Why Alibaba, Nio, Chinese Peers Are Surging In Hong Kong Today

Published 27/05/2022, 04:57
Updated 27/05/2022, 05:40
© Reuters.  Why Alibaba, Nio, Chinese Peers Are Surging In Hong Kong Today

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

Shares of U.S.-listed Chinese companies rallied in Hong Kong on Friday morning, with 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) gaining as much as 5%.

Among electric vehicle stocks, Nio Inc (NYSE: NIO), Li Auto (NASDAQ: LI), and Xpeng Inc (NYSE: NYSE:XPEV) rose as much as 8%.

How U.S.-listed Chinese Stocks Are Faring In Hong Kong Today Stocks Movement (+/-)
Alibaba 12.58%
JD.Com 4.86%
Tencent 2.21%
Baidu 13.66%
Nio 8.37%
Li Auto 7.18%
Xpeng 4.19%
Shares of these Chinese companies ended higher in U.S. markets on Thursday.

Global Markets Recap: At press time, the benchmark Hang Seng Index rallied nearly 3% following positive cues from global markets.

U.S. indices also ended higher overnight, with the Nasdaq Composite Index gaining as much as 2.68% toward the end of the trade.

​​Elsewhere, Australia's ASX 200 was trading 0.85% higher, while Japan's Nikkei 225 and Shanghai's SSE (LON:SSE) Composite Index were up 0.63% and 0.42%, respectively.

Macro Factors: According to Chinese state media, the country's premier, Li Keqiang, held a rare nationwide meeting via teleconference to bolster the Covid battered economy. More than 100,000 government officials joined the meeting.

Company In News: Alibaba reported a better-than-expected fourth quarter, as revenue grew 9% to $32.19 billion, beating analysts' average estimate of $29.94 billion.

Baidu also reported better-than-expected quarterly results, as revenue growth at 1% to $4.48 billion, beating the consensus of $4.18 billion.

On Thursday, EV maker Xpeng's CEO used a Psyduck Pokemon toy to express his frustration over the ongoing chip shortages.

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

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