Alibaba and Nio shares rise: Hang Seng index today

Shares of major US-listed Chinese companies rose in Hong Kong on Friday, with tech giants such as Alibaba Group Holdings slime, Tencent Holdings TCEHY, Baidu Inc. BIDUY JD.com Inc. JD earn at least one percent.

In the electric vehicle segment, Xpeng Inc. XPEV led the rally with gains of 8.27%, while li car inc LI Y child inc LITTLE BOY also listed in green.

How US-Listed Chinese Stocks Are Doing Today in Hong Kong
Stocks Movement (+/-)
alibaba 4.91%
Tencent 0.53%
Baidu 1.90%
JD.Com 0.90%
child 1.41%
Xpeng 8.27%
li car 2.72%

Shares of these Chinese companies ended on a similar note in US markets overnight.

Summary of global markets: At the time of publication, the benchmark Hang Seng Index It was trading 1.42% higher, derived from signals from global markets.

In the US, the Dow Jones Index closed 0.64% higher after another bumpy session.

Elsewhere, Shanghai SSE Composite Index gained 0.52%, Singapore nifty SGX rose 0.64%, while Japan Nikkei 225 advanced 0.73% more.

Macro factors: U.S Federal Reserve President Jerome Powell warned that rapidly rising interest rates threatened a recession. Powell also told Congress that policymakers would move aggressively to combat inflation, but said the US economy is “well positioned” to handle rate hikes.

Chinese state television closed TV circuitciting a State Council meeting chaired by Prime Minister Li Keqiangreported that the government is considering extending the exemptions by around 200 billion yuan ($30 billion).

The report added that policies such as tax exemptions would boost demand for new energy vehicles and stimulate the used car market.

Company in news: JPMorgan is doubling down on Alibaba, JD and other Chinese tech stocks amid an easing of regulatory repression, valuation and supportive macro policy measures that represent positive catalysts for these stocks.

jack ma‘s group of antsin which Alibaba owns a one-third stake, is likely to apply for The People’s Bank of China become a financial holding company.

german car manufacturer BMW BMWYY has started production at a new $2.24 billion electric vehicle plant in Shenyang, China, as it looks to take on tesla inc TSLANio and other fast-growing local electric vehicle rivals.

Two and a half years after delivering its first vehicle, XPeng has reached the milestone of 200,000 vehicle deliveries.

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