Shares of major U.S.-listed Chinese companies traded mixed in Hong Kong on Wednesday, with tech giants like Alibaba Group Holdings BABA, Tencent Holdings TCEHY, and JD.com Inc JD sliding, while Baidu Inc BIDU inched higher.
Li Auto Inc LI led the rally in the electric vehicle segment while Nio Inc NIO and Xpeng Inc XPEV gained at least 3%.
Shares of these Chinese companies ended mostly higher in the U.S. markets overnight on Tuesday.
Global Markets Recap: At press time, the benchmark Hang Seng Index shed 1.17%, following three straight sessions of gains.
In the U.S., Dow Jones jumped over 600 points as stocks bounced back on the first day of trading since last week’s selloff.
Elsewhere, Japan’s Nikkei 225 was trading mutedly, while Shanghai’s SSE Composite Index shed 0.29%, and Singapore’s SGX Nifty was down 1.27%.
Macro Factors: A Chinese Foreign Ministry spokesperson said the country’s economy had rebounded in May, quoting a report which indicated that multinational companies have made “steady progress” in investment in China, according to state-owned CGTN.
Oil futures fell in Asia trade, with Brent crude futures shedding 3.27% to $110.90 a barrel.
Companies In News: While Alibaba was the top gainer at China’s shopping extravaganza “618”, JD.com’s total event sales rose 10.3%, well below last year’s 27.7%, amid China’s intense tech crackdown.
Alibaba’s India unit filed “false or fabricated” documents, a probe into the affairs by the Indian regulator has found.
Li Auto Inc unveiled its L9 SUV for families, a six-seat, full-size flagship car.
Citigroup maintained a ‘buy’ rating on Xpeng stock and raised its price target from $36.70 to $51.59. It also lowered its price target on Nio to $41.1 from $87.