Why Alibaba, Nio, Chinese Peers Are Trading Mixed In Hong Kong Today

Shares of major U.S.-listed Chinese companies traded mixed in Hong Kong on Tuesday, with tech giants like Alibaba Group Holdings BABA, Baidu Inc BIDU, and Tencent Holdings TCEHY trading marginally higher. JD.com Inc JD, however, fell after opening in the green.

EV stocks Nio Inc NIO, Li Auto Inc LI, and Xpeng Inc XPEV slipped after a higher open.

Shares of these Chinese companies were not open for trade on Thursday in the U.S. as the bourses were shut for the Juneteenth federal holiday.

Global Markets Recap: At press time, the benchmark Hang Seng Index advanced about a percent amid the mostly buoyant Asian markets.

Elsewhere, Japan's Nikkei 225 gained 1.71%, while Shanghai's SSE Composite Index shed 0.38%, and Singapore's SGX Nifty was down 0.11%.

Macro Factors: Hong Kong stocks advanced for a third day in a row as China's recovery optimism from the chilling effects of lengthy and disruptive COVID-19 lockdowns gained momentum.

Company In News: According to the Indian newspaper Economic Times, a probe into the affairs of an Indian unit of Chinese technology giant Alibaba by regulators has found that some of its documents filed with the regulators were "false or fabricated."

Placing its bets on the metaverse concept, Tencent informed its staff of the official formation of an "extended reality" (XR) unit, according to Reuters.

JD.com posted the slowest growth in the '618' shopping event. The total sales by the e-commerce giant rose 10.3% over the 18 days to Sunday, sharply down from the 2021 event's growth of 27.7%.