Alibaba Gains Nearly 5%, Tesla Rivals Nio, Xpeng Firm In Hong Kong Today — What's Keeping Sentiment Up?

Shares of U.S.-listed Chinese tech companies — led by Alibaba Group Holding Limited BABA — traded mostly higher in Hong Kong on Tuesday, after the e-commerce giant said it had expanded its share buyback program to $25 billion from $15 billion.

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The Macro Factors: The benchmark Hang Seng Index was up 0.9% at press time, with tech stocks leading the rebound.

At a State Council meeting on Monday, Premier Li Keqiang called for China to adopt monetary policy tools to sustain credit expansion at a stable pace, Xinhua news agency reported.

Companies In The News: Heavily indebted property developer China Evergrande Group EGRNF said on Tuesday it will not be able to publish its audited results for 2021 by the end of this month as the audit work has not been completed.

Alibaba’s cloud business commanded a dominant market share of 37% in China’s cloud infrastructure services market in 2021, it was reported on Monday, citing technology market analyst firm Canalys.

Nio is looking for a chief operating software architect in San Jose, California ahead of the electric vehicle maker's entry into the U.S. market that will see it take on global EV leader Tesla Inc. TSLA on its home turf.

Shares of Chinese companies closed notably lower in U.S. trading on Monday as the major averages ended in negative territory.

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