Shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Wednesday, lifting the benchmark Hang Seng Index into positive territory.
| Li Auto Inc. (NASDAQ: LI) | +3.2% |
| JD.com Inc. (NASDAQ: JD) | +3.1% |
| Alibaba (NYSE:BABA) Group Holding Limited (NYSE: BABA) | +1.3% |
| Tencent Holdings (HK:0700) Limited (OTC: TCEHY) | +0.7% |
| Xpeng Inc . (NYSE: NYSE:XPEV) | -2.1% |
| Baidu Inc. (NASDAQ: NASDAQ:BIDU) | -1.0% |
The Macro Factors: The Hang Seng Index was up 0.6% at the time of writing, as stocks attempted a rebound after three straight days of losses.
Investors continued to scoop up beaten-down technology stocks that have fallen in recent days amid fears of a new round of regulatory restrictions by Beijing.
Meanwhile, China’s Finance Minister Liu Kun said the government will unveil bigger tax and fee cuts this year as well as increase payments to local governments to offset the fall in revenues amid slowing economic growth, it was reported by Reuters.
Nevertheless, worries about the intensifying Russia-Ukraine crisis weighed on the market.
U.S. President Joe Biden announced the first wave of sanctions against Russia, claiming Russian President Vladimir Putin’s actions in Ukraine marked “the beginning of a Russian invasion.”
Companies In The News: Alibaba is scheduled to reports its financial results for the December quarter on Thursday. Beijing's regulatory crackdown and weak consumer spending in China are expected to negatively impact the e-commerce giant's results.
The Chinese government has told banks and state-owned enterprises to report their financial exposure to Ant Group, an affiliate of Alibaba, it was reported on Tuesday.
Shares of Chinese companies, including electric vehicle maker Nio Inc. (NYSE: NIO), closed sharply lower in U.S. trading on Tuesday after the major averages extended losses from last week amid intensifying worries about a Russian invasion of Ukraine.
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