Shares of major US-listed Chinese companies traded mostly higher in Hong Kong on Friday, with tech giants such as Baidu Inc. BIDU, jd.com JDY Tencent Holdings TCEHY earning at least a higher percentage. Alibaba Group Holdings slimehowever, it fell into the red after opening higher.
li car inc LI led the rally in the electric vehicle segment, while Xpeng Inc. XPEV gained 4.11% and child inc LITTLE BOY rose 1.74%.
Shares of these Chinese companies ended lower Thursday on US stocks.
Summary of global markets: At the time of publication, the benchmark Hang Seng Index advanced 0.72%, led by gains in the technology index.
In the USA, Dow Jones Industrial Average plunged more than 700 points, falling below 30,000 points, the lowest level in more than a year, after the Federal Reserve raised federal funds rates.
Elsewhere, Japan Nikkei 225 cracked 2.18%, from Shanghai SSE Composite Index lost 0.18%, while Singapore nifty SGX gained 0.53%.
Macro factors: China’s state planner approved 10 fixed asset investments worth 121 billion yuan ($18.1 billion) in May, an increase of more than six times since April. The move came as policymakers seek to get economic growth back on track after a COVID-induced slump, Reuters reported.
company in news: A senior executive at e-commerce firm JD.com told CNBC that Chinese regulation of the tech sector is becoming more “rational.” “In fact, every country follows the same path in developing a certain area, including China and the US, which is to encourage innovation and provide a flexible environment in the early stages, and then carry out moderate regulation when the sector is developed to a certain level.” Xin Lijunsaid the CEO of JD Retail.
Tencent will hold the gaming event “SPARK 2022” on June 27. The company said gamers would see new features in gaming technology, gaming products, and better operability of some gaming applications.