Shares of major US-listed Chinese companies traded higher in Hong Kong on Tuesday morning as investors applauded better-than-expected economic data from the Asian nation.
Chinese tech giants like Alibaba Group Holdings slime, Baidu Inc. BIDUY jd.com JD gained up to 5%, while Tencent Holdings TCEHY edged higher.
In the electric vehicle segment, child inc LITTLE BOY led the rally with gains of 13%, while Xpeng Inc. XPEV Y li car inc LI gained up to 6%.
Shares of these Chinese companies closed higher Tuesday on US stocks.
Summary of global markets: At the time of publication, the benchmark Hang Seng Index it was 1.19% higher due to mostly positive signals from its global peers.
from Japan Nikkei 225 lost 0.73%, while that of Shanghai SSE Composite Index gained 0.95% and Singapore nifty SGX rose 1.04%.
Macro factors: Investor optimism came amid better-than-expected economic figures from China. According to National Bureau of Statistics of ChinaIndustrial production rose 0.7% in May from a year earlier, versus an expected drop of 0.7%, according to a Reuters poll of analysts.
The country’s retail sales fell less than expected.
However, the office added that “we must be aware that the international environment will be even more complicated and gloomy, and the national economy still faces difficulties and challenges for recovery.”
The US Congress also pushed through a ruling proposing targeting investments in rival countries like China to protect US technologies and rebuild critical supply chains.
Company in news: Several Chinese firms including Alibaba Group and JD.com traded higher ahead of the country’s “618” Christmas shopping event, which begins this weekend.
NIO will hold a product launch event on Wednesday. The company is expected to launch the ES7, the first NIO SUV built on the NT 2.0 platform.
President and CEO of Xpeng He Xiaopeng in a Weibo Tuesday’s post said the charging efficiency of electric vehicles would improve thanks to super-fast technology reaching scale in the near future.