Shares of U.S.-listed Chinese tech firms traded mixed in Hong Kong on Wednesday at press time. While JD.Com JD, Tencent Holdings TCEHY, and Baidu Inc BIDU lifted the Hang Seng, Alibaba Group Holding Ltd BABA was the only drag among tech stocks.
Shares of these Chinese tech giants ended on a similar note overnight in U.S. markets.
Global Markets Recap: Erasing losses from the previous sessions, the benchmark Hang Seng Index was up 0.90%. This came after the Tech Index added 2.6% — its strongest gain in a week.
Elsewhere, in the broader markets, Australia’s ASX 200 slipped 0.14%, while Shanghai’s SSE Composite Index gained 1.49%, and Japan’s Nikkei 225 was up 0.32%.
Macro Factors: The economic impact of China’s latest COVID-19 outbreak could be over 10 times that of the initial wave in Wuhan in 2020, SCMP reported, quoting a top Chinese economist.
The restrictions have affected 160 million people in cities with a combined economic output of 18 trillion yuan ($2.68 trillion) this year.
Company In News: Alibaba and JD have dispatched 20,000 riders to fill 2.5 million grocery orders a day, on average, for 25 million residents who have been in a complete lockdown since April 1.
A whale with a lot of money has taken a noticeably bearish stance on JD. Looking at its options history, Benzinga detected 24 strange trades.
On Tuesday, ace investor Cathie Wood’s Ark Investment Management cut down its stake in Baidu, selling 32,214 shares. It now owns a little over 1,110 shares.