Why Alibaba, Nio, Chinese Peers Are Surging In Hong Kong Today

Shares of U.S.-listed Chinese companies rallied in Hong Kong on Friday morning, with major tech names like Alibaba Group Holding BABA, JD.com Inc JD, Tencent Holdings TCEHY, and Baidu Inc BIDU gaining as much as 5%.

Among electric vehicle stocks, Nio Inc NIO, Li Auto LI, and Xpeng Inc XPEV rose as much as 8%.

Shares of these Chinese companies ended higher in U.S. markets on Thursday.

Global Markets Recap: At press time, the benchmark Hang Seng Index rallied nearly 3% following positive cues from global markets.

U.S. indices also ended higher overnight, with the Nasdaq Composite Index gaining as much as 2.68% toward the end of the trade.

​​Elsewhere, Australia's ASX 200 was trading 0.85% higher, while Japan's Nikkei 225 and Shanghai's SSE Composite Index were up 0.63% and 0.42%, respectively.

Macro Factors: According to Chinese state media, the country's premier, Li Keqiang, held a rare nationwide meeting via teleconference to bolster the Covid battered economy. More than 100,000 government officials joined the meeting.

Company In News: Alibaba reported a better-than-expected fourth quarter, as revenue grew 9% to $32.19 billion, beating analysts' average estimate of $29.94 billion.

Baidu also reported better-than-expected quarterly results, as revenue growth at 1% to $4.48 billion, beating the consensus of $4.18 billion.

On Thursday, EV maker Xpeng's CEO used a Psyduck Pokemon toy to express his frustration over the ongoing chip shortages.