Tesla Rivals Xpeng, Li Auto Lead Gainers Chart As Hong Kong Tech Stocks Post Recovery

Shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Friday even as the benchmark Hang Seng Index drifted lower after a positive start.

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The Macro Factors: The Hang Seng Index was down 0.6% at the time of writing, paring gains after opening higher following a rebound in global markets as investors shrugged off news regarding Russia’s attack on Ukraine.

Worries about the COVID-19 pandemic in Hong Kong weighed on the market.

The financial hub will conduct compulsory testing of its entire 7.4 million population three times in March and also maintain strict social distancing restrictions until mid to end-April, it was reported by Bloomberg.

Companies In The News: Alibaba’s shares are trading higher after the e-commerce giant reported better-than-expected earnings for the third quarter, while revenues missed estimates.

Game developer NetEase Inc. NTES reported fourth-quarter results that beat analysts’ expectations.

Shares of Chinese companies, including electric vehicle maker Nio Inc. NIO, closed mixed in U.S. trading on Thursday even as the major averages ended higher after an initial sell-off.

Meanwhile, Tesla Inc. TSLA is planning to open a second plant in Shanghai as early as next month to boost its production capacity in China to two million cars, it was reported, citing Reuters.

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