Why Nio, Other EV Peers Are Shooting Up In Hong Kong Today

Shares of U.S.-listed Chinese electric vehicle makers and Tesla Inc TSLA rivals traded higher on Thursday in Hong Kong as the local stock exchange extended gains amid positive cues from global markets. 

Stocks of Nio Inc NIO, XPeng Inc XPEV, and Li Auto LI ended higher in overnight U.S. trading. 

The Macro Factors: The benchmark Hang Seng Index started on a positive note and gained 0.43% at the time of writing. 

Elsewhere, ASX 200 in Australia gained 0.66%, and SGXNifty in Singapore rose 0.41%.

The overall index jumped amid rising investor hope that policymakers in Beijing will step up stimulus measures to support businesses as COVID-19 continued to impact businesses drastically. 

Meanwhile, China's services activity slumped to its weakest level in more than two years in April. The Caixin China Services purchasing managers' index dropped to 36.2 in April, the lowest since February 2020. 

On Thursday, the Hong Kong Monetary Authority also raised its benchmark interest rate to 1.25% in the biggest hike since 2000. 

Company In News: As per the recently updated list of U.S. Securities and Exchange Commission, Li Auto, NIO, and XPeng Motors are among the 86 Chinese companies facing possible delisting.