Shares of U.S.-listed Chinese companies were trading higher in Hong Kong on Wednesday morning, led by positive global cues.
Major tech giants like Alibaba (NYSE:BABA) Group Holding (NYSE: BABA), JD.com Inc (NASDAQ: JD), Baidu Inc (NASDAQ: NASDAQ:BIDU), and Tencent Holdings (HK:0700) (OTC: TCEHY) gained at least 4% at press time.
Among electric vehicle stocks, Nio Inc (NYSE: NIO), Li Auto Inc (NASDAQ: LI), and Xpeng Inc (NYSE: NYSE:XPEV) gained as much as 6%.
| Alibaba | 6.78% |
| JD.Com | 4.19% |
| Baidu | 4.32% |
| Tencent | 4.30% |
| Nio | 5.66% |
| Li Auto | 5.99% |
| Xpeng | 8.16% |
Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 2.16% higher, driven by the tech and clean energy stocks.
Overnight in the U.S., the Dow Jones Industrial Average ended the day nearly a percent higher after a few hiccups.
Elsewhere, Shanghai's SSE (LON:SSE) Composite Index was 0.62% higher, Japan's Nikkei 225 was up 0.94%, and Australia's ASX 200 gained 0.74%.
Macro Factors: On Tuesday, the World Bank slashed its global growth forecast by 1.2% to 2.9% for 2022 amid the ongoing Russian invasion of Ukraine that has compounded the damage from the COVID-19 pandemic.
"The danger of stagflation is considerable today," World Bank President David Malpass said in the report.
Company In News: China's regulator National Press and Publication Administration (NPPA) granted the second batch of licenses to 60 online games in the biggest mass approval of titles for computers and smartphones since July 2021. However, the games developed by Tencent Holdings and NetEase Inc (NASDAQ: NASDAQ:NTES) were excluded from the latest approvals.
G7 Connect, a Chinese truck fleet management company, backed by Tencent, is lapping up E6, a smaller rival backed by Alibaba.
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