Tesla Rival Nio Gains Over 4%, Alibaba Up Nearly 2%: What's Driving Hong Kong Markets Higher Today?

Shares of U.S.-listed Chinese tech companies rose in Hong Kong on Tuesday as the benchmark Hang Seng Index extended gains to a second straight session.

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The Macro Factors: The benchmark Hang Seng Index opened higher and was up 0.5% at press time. The index closed 1.3% higher on Monday.

The market extended gains as investors went bargain-hunting for beaten-down technology stocks. Risk appetite also received a boost amid hopes of a peace deal between Russia and Ukraine.

Companies In The News: Electric vehicle maker Nio, a Tesla Inc. TSLA rival, confirmed that deliveries of its flagship ET7 sedan commenced on Monday.

Xpeng on Monday reported a narrower-than-expected loss for the fourth quarter on strong revenue growth.

Electric vehicle maker BYD Co. BYDDF, backed by veteran investor Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), is scheduled to report its fourth-quarter results later today.

Shares of most Chinese companies ended higher in U.S. trading on Monday after the major averages ended in positive territory amid hopes about a peace deal between Russia and Ukraine.

Nio closed 6.5% higher in the regular trading session at $21.20, but lost 0.7% in the after-hours session to $21.05, according to data from Benzinga Pro.

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