Alibaba Stock Holds It Together But Nio And EV Peers Plunge Despite Upbeat China PMI Data

Hong Kong stocks opened lower on Friday morning following another sell-off on Wall Street after a temporary relief rally. Electric Vehicle stocks plunged with Xpeng, Li Auto and Nio falling over 4% in morning trade.

Macro News: China’s official manufacturing purchasing managers index rose to 50.1 from 49.4 in August, reported Bloomberg, citing the National Bureau of Statistics.

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The People's Bank of China has asked major state-owned banks to get ready to sell dollars for the local unit in offshore markets in a bid to stop the yuan's descent, Reuters reported. 

Company News: Tencent launched an advanced new hearing aid powered by artificial intelligence technology which is priced at RMB 2,880 ($399), the South China Morning Post reported.

RoboSense, a Chinese developer of sensor technologies backed by BYD Co. Ltd., is raising about $150 million in new funding round, reported Bloomberg.

Top Gainers and Losers: Li Ning Company Limited and ANTA Sports Products Limited were the top losers among Hang Seng constituents, having shed over 5% and 3%, respectively. CSPC Pharmaceutical Group Ltd. and China Mengniu Dairy Company Ltd. were the top gainers, up over 2% each.

Global News: U.S. futures traded mixed in Asia session on Friday. The Dow Jones futures were down 0.02% while the Nasdaq futures gained 0.08%. The S&P 500 futures were up 0.1%.

Elsewhere in Asia, Australia’s ASX 200 was down 0.89%. Japan’s Nikkei 225 lost 1.79% while China’s Shanghai Composite index lost 0.52%. South Korea’s Kospi was down 0.49%.