Why Nio, Other EV Peers Are Slipping In Hong Kong Today

Shares of Tesla Inc TSLA rivals and U.S.-listed Chinese electric automakers Nio Inc NIO and Xpeng Inc XPEV, and Li Auto Inc LI sank in the Hong Kong markets on Friday. 

Stocks of these EV makers ended on a mixed note in the U.S. on Thursday. 

The Macro Factors: Despite positive cues from global peers, the benchmark Hang Seng index was down 1.08% at press time, dragging the broader market to its biggest monthly loss since July 2021. 

Elsewhere in Asia-Pacific, the Shanghai Composite Index was muted, while Australia’s ASX 200 was up 0.69%. 

See Also: Alibaba Edges Lower, Most Tech Peers Follow Suit: What's Dragging Hong Kong Stocks Today?

China’s Securities Depository and Clearing Co clearing agency also said it would halve stock transfer fees from Friday in order to reduce investors’ trading costs and reinvigorate markets.

The regulator said the move was aimed at “promoting the stable and healthy operation of the capital market, stimulating market vitality and enhancing support for the real economy.” 

Companies In News: Xpeng announced that it filed its annual report for the fiscal year ended Dec. 31 with the Securities and Exchange Commission. 

According to CnEVPost, NIO Capital's portfolio firm Inceptio said it is expecting to surpass 100 million cumulative kms of self-driving operations by the end of 2022.