Alibaba, Other Tech Peers Snap Losing Streak In Hong Kong: What's Driving Them Today?

Shares of U.S.-listed Chinese tech giants Alibaba Group Holding Ltd BABA, Tencent Holdings TCEHY, JD.Com JD, and Baidu Inc BIDU bounced back in Hong Kong on Tuesday, after five straight sessions of losses.

What Happened: The overall Hang Seng Index turned green after gaining 1.18% following the positive cues from the global markets. The Shanghai Composite Index gained 0.59%%, and Japan's Nikkei 225 gained nearly 0.55%, bucking the previous trend. Chinese tech stocks also had a subdued session overnight in U.S. markets.

According to a Bloomberg report, Hong Kong is ready to launch yuan-denominated stock trading for investors in Shanghai and Shenzhen. The final clearances from regulators in mainland China are expected in the second half of the year, as per sources quoted in the report.

China's rapid increase in COVID-19 cases continues to threaten investors as companies are being forced to halt operations. The latest one to join the list is Apple Inc's prime supplier Foxconn Technology, which had to halt operations at two of its factories in Kunshan, located in China's Jiangsu province.

China's capital Beijing, which is rapidly seeing a rise in the number of cases, on Monday announced that mass testing would be expanded to another 10 districts and one economic development area.

Company In News: Alibaba Group Chairman and CEO Daniel Zhang has stepped down as chairman and general manager of Zhejiang Tmall Technology Co., Ltd. and Taobao (China) Software Co., Ltd.

Chinese video game streaming site Huya, controlled by Tencent, has started laying off staff as it scales back after an aggressive regulatory crackdown.