Alibaba Up 9%, Nio Up 4.6% — What's Driving Hong Kong Markets Higher Today?

Shares of U.S.-listed Chinese tech companies extended strong gains in Hong Kong on Thursday after Beijing vowed to ensure stability in the stock market and support overseas listings of domestic companies.

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The Macro Factors: The benchmark Hang Seng Index was up 6.2% at the time of writing, extending a strong recovery from the previous session after sharp losses earlier in the week. 

A meeting of the State Council’s Financial Stability and Development Committee said authorities should work towards the stability of Hong Kong’s financial market and take measures to prevent risks in the real estate sector, Chinese state media reported.

Meanwhile, the Hong Kong Monetary Authority raised its benchmark rate by 25 basis points to 0.75% after the U.S. Federal Reserve on Wednesday announced its widely expected decision to raise interest rates for the first time since December of 2018.

Companies In The News: Electric vehicle maker Nio secured the top rank ahead of rivals such as Li Auto, Xpeng and Tesla Inc. TSLA in a study that ranks car quality in China, it was reported Wednesday, citing automotive website Autohome.

HSBC Holdings PLC HSBC has acquired a virtual plot of land in the Sandbox metaverse to engage with its sports-focused users.

Apple Inc. AAPL supplier Hon Hai Precision Industry Co Ltd HNHPF, also known as Foxconn, resumed partial operations and production at its two Shenzhen campuses after implementing COVID-19 measures.

Shares of Chinese companies closed sharply higher in U.S. trading on Wednesday as the major averages ended notably higher following the Federal Reserve's monetary policy announcement.

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