Shares of major U.S.-listed Chinese companies traded mostly higher in Hong Kong on Thursday, with tech giants like Alibaba (NYSE:) Group Holdings (NYSE: BABA), Tencent Holdings (HK:) (OTC: TCEHY), and Baidu Inc (: NASDAQ:) trading higher, while JD.com Inc (NASDAQ: JD) bucked the trend.
Li Auto Inc (NASDAQ: LI) led the rally in the electric vehicle segment, while Nio Inc (NYSE: NIO) and Xpeng Inc (NYSE: NYSE:) gained at least 4% each.
Shares of these Chinese companies ended up mixed on U.S. markets overnight.
Global Markets Recap: At press time, the benchmark was trading 0.67% higher after paring early gains.
In the U.S., the closed on a muted note, dragged by losses in the oil & gas, basic materials, and industrial sectors.
Elsewhere, Shanghai’s SSE (LON:) Composite Index gained 0.45%, Singapore’s SGX Nifty was up 0.21%, while 225 pared gains to trade in the red.
Macro Factors: Chinese President Xi Jinping has pledged to meet the country’s economic targets for the year despite the government’s zero-tolerance approach to combating COVID-19 outbreaks, which brought the businesses to a grinding halt.
Xinhua reported that in a keynote speech to a virtual BRICS Business Forum on Wednesday, Xi said the country will “strengthen macro-policy adjustment and adopt more effective measures to strive to meet the social and economic development targets for 2022 and minimize the impacts of COVID-19.”
According to Citigroup (NYSE:), Hong Kong’s blue-chip stocks could climb by as much as 16% in the second half of this year, led by stronger corporate earnings, SCMP reported.
Company In News: Billionaire Jack Ma-founded Alibaba Group and Ant Financial are reportedly eyeing to disentangle their operations from each other in a bid to stave off any potential regulatory threat.
Through its Pakistan e-commerce subsidiary Daraz, Alibaba expanded its reach across Bangladesh, Sri Lanka, Nepal, and Myanmar, becoming South Asia’s largest e-commerce company outside India.
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