This US-Listed Tech Stock Has Shot Up 7% Today In Hong Kong, Outperforming Alibaba And Others

Shares of U.S.-listed Chinese tech companies traded mixed in Hong Kong on Wednesday, even as the benchmark Hang Seng Index opened lower.

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The Macro Factors: The Hang Seng Index opened lower and was down 1.0% at the time of writing.

Worries about citywide lockdowns in Hong Kong amid the surge in coronavirus cases and weak auto sales in China weighed on the market.

Companies In The News: Chinese electric vehicle makers Li Auto, Xpeng and Nio Inc. NIO reported a sequential decline in vehicle deliveries for February, even though deliveries surged year-over-year.

Nio attributed the sequential decline to production suspension, while Li Auto said supply shortages hit production.

Baidu — operator of the largest Internet search engine in China — reported better-than-expected earnings results for the fourth quarter on Tuesday.

Food delivery firm Meituan MPNGY said it will reduce commissions for merchants on its platform after Chinese regulators recently issued guidance for the sector, it was reported Tuesday, citing Reuters.

Shares of Chinese companies closed mixed in U.S. trading on Tuesday even as the major averages also ended on opposite sides of the unchanged line.

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