Tesla Rivals Nio, Xpeng Jump 6%, While Alibaba Ticks Down: What's Moving Hong Kong Markets Today?

Shares of U.S.-listed Chinese tech companies mostly traded higher in Hong Kong on Wednesday as the benchmark Hang Seng Index rose for a third straight day.

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The Macro Factors: The benchmark Hang Seng Index opened higher and was up 1.3% at the time of writing.

Risk appetite received a boost following news about encouraging progress in the cease-fire talks between Russia and Ukraine.

The index rebounded after briefly sliding into negative territory following a report by the Wall Street Journal that China is planning new regulations on the country’s $30 billion live-streaming industry, including a daily cap on digital tipping.

Companies In The News: Alibaba led a $60 million funding round for Nio-backed augmented reality glasses maker Nreal, it was reported on Wednesday, citing CNBC.

Nio, a Tesla Inc. TSLA rival, has reportedly delayed the launch of its ES7 electric sports utility vehicle by a month due to spike in COVID-19 cases and the likely cancellation of the Beijing Auto show to be held in April.

Troubled property developer China Evergrande Group EGRNF said its shares will remain suspended from trading on the stock exchange “until further notice.”

Shares of Chinese companies closed higher in U.S. trading on Tuesday after the major averages closed in positive territory.

Nio closed 3.1% higher in the regular trading session at $21.88, but lost almost 0.5% in the extended session to $21.77, according to data from Benzinga Pro.

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