Shares of Alibaba (NYSE:BABA) Group Holdings Ltd (NYSE: BABA), JD.Com Inc (NASDAQ: JD), Baidu Inc (NASDAQ: NASDAQ:BIDU), Nio Inc (NYSE: NIO), and other U.S.-listed Chinese companies were not trading on Friday in Hong Kong.
Financial markets in mainland China and Hong Kong will be shut through Friday on account of the Dragon Boat Festival.
Shares of these Chinese companies, along with other stocks such as Tencent Holdings (HK:0700) (OTC: TCEHY), Li Auto Inc (NASDAQ: LI), and Xpeng Inc (NYSE: NYSE:XPEV), ended significantly higher overnight on U.S. bourses.
Global Markets Recap: At press time, Australia's ASX 200 was up 0.74%, and Japan's Nikkei 225 gained 1.09%, following positive cues from the Western markets.
In the U.S., the Nasdaq Composite gained 2.69% on Thursday, helped by a major tech rally.
Macro Factors: China ordered state-owned policy banks to set up a $119.6 billion line of credit for infrastructure projects, Bloomberg reported.
The U.S. said it was considering "all options" as it reviews potential changes to tariffs on Chinese imports. "What we're focused on is making sure that we have a long-term realignment of the relationship with China, focusing on some concerns ... such as non-market practices and economic coercion," Deputy U.S. Trade Representative Sarah Bianchi told Reuters.
Company In News: Alibaba's Chinese fintech arm Ant Group has appointed Hong Kong Exchanges and Clearing Chairman Laura Cha as an independent director.
Despite regulatory crackdown in China, Alibaba is still the best paying big tech firm, with an average monthly salary of $5,000.
Tencent Holdings is eyeing to invest as much as $100 million in Indian social media app ShareChat through a convertible note, according to a LiveMint report.
Ford Motor Co (NYSE: NYSE:F) chief Jim Farley on Wednesday said Chinese EV makers are "incredibly undervalued" and that he expects them to become more important.
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