Alibaba Down Over 2%, Nio Jumps 7%: What's Weighing On Hong Kong Stocks Today?
Benzinga
Published May 18, 2022 05:36
Updated May 18, 2022 06:10
Alibaba Down Over 2%, Nio Jumps 7%: What's Weighing On Hong Kong Stocks Today?
Shares of U.S.-listed Chinese firms traded mixed in Hong Kong on Wednesday morning, with web search giant Baidu Inc (NASDAQ: NASDAQ:BIDU) and electric vehicle maker NIO Inc (NYSE: NIO) among stocks that were in the green.
Among major tech names, Alibaba (NYSE:BABA) Group Holding (NYSE: BABA), JD.com Inc (NASDAQ: JD), and Tencent Holdings (HK:0700) (OTC: TCEHY) slid, while Li Auto Inc (NASDAQ: LI) and Xpeng Inc (NYSE: NYSE:XPEV) were under pressure in the EV sector.
| Baidu | 0.34% |
| Alibaba | -2.65% |
| JD.com | -3.45% |
| Tencent | -2.61% |
| Li Auto | -0.64% |
| Nio | 6.83% |
Global Markets Recap: At press time, Hong Kong's benchmark Hang Seng Index pared gains and was down about 0.78% amid negative sentiments from Chinese peers. Elsewhere, Australia's ASX 200 gained over 0.95%, Japan's Nikkei 225 was up 0.72%, while Shanghai's SSE (LON:SSE) Composite Index lost 0.43%.
Macro Factors: Chinese Vice Premier Liu He said the government would support the development of digital economy firms and their public listings, in a possible relief for Alibaba, Tencent, Baidu and other tech stocks reeling under regulatory pressure.
A massive government restructuring plan for Hong Kong's Chief Executive-elect John Lee Ka-Chiu's incoming administration is expected to cost taxpayers an extra HK$95 million (US$12.1 million) a year, three times the amount estimated by his predecessor, according to SCMP reports.
Company In News: Jack Ma-backed Alibaba and Ant Financials sold their 43% stake in India's Paytm E-Commerce for Rs. 42 crores (or roughly over $5.4 million).
JD on Tuesday posted an 18% jump in first-quarter revenue to $37.8 billion, beating the average market estimate.
Alibaba and Tencent are expected to post lackluster quarterly results later today.
According to Pandaily, Leading Ideal HK Limited – an affiliate of Li Auto – has set up a wholly-owned subsidiary in the Sichuan province. The company deals with the design and service of integrated circuit chips and making auto parts and accessories.
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