Shares of U.S.-listed Chinese companies traded marginally lower in Hong Kong on Thursday morning. Major tech names like Alibaba Group Holding BABA, JD.com Inc JD, and Tencent Holdings TCEHY were in the red, while Baidu Inc BIDU was trading flat.
In the electric vehicle segment, NIO Inc NIO, Li Auto LI, and Xpeng Inc XPEV fell as much as 2%.
Shares of these Chinese companies ended up mixed in U.S. markets on Wednesday.
Global Markets Recap: At press time, the benchmark Hang Seng Index pared early gains and was down about 0.82% as Asian peers traded mixed.
U.S. indices ended higher overnight, with the Nasdaq Composite Index gaining as much as 1.51%.
Elsewhere, Australia’s ASX 200 pared early gains to trade 0.40% lower, while Japan’s Nikkei 225 and Shanghai’s SSE Composite Index were trading nearly flat.
Macro Factors: Strict coronavirus curbs in China continued to batter the local economy. Chinese Premier Li Keqiang on Wednesday said the government is facing difficulties in reviving the economy. “The current situations in some areas to a certain extent are worse than when the pandemic hit the nation in 2020,” Li said, according to Chinese state media.
Minutes of the latest U.S. Federal Open Market Committee confirmed there’s a high likelihood that additional 50-basis point rate hikes are coming.
Company In News: Alibaba and Tencent-backed Chinese ride-hailing platform T3 Chuxing is reportedly seeking to raise at least 5 billion yuan ($745 million) in its latest financing round.
Tech giant Baidu and Alibaba are set to report their quarterly earnings on Thursday. Alibaba is expected to reflect the impact of slower economic growth and the domestic COVID-19 resurgence.
XPeng said its 2021 smart EV deliveries are expected to reduce carbon emissions by about 1 million metric tons over their entire life cycle.
According to CnEVPost, Nio has partnered with Honeywell International Inc HON to supply its flagship ET7 sedan with HFO-1234yf refrigerant, which has an ultra-low global warming potential (GWP).
According to Nikkei Asia, Tencent Holdings is firing swaths of people from its gaming and fintech departments after reporting weak quarterly performance.