Alibaba, Nio Fall: Hang Seng Opens Lower Ahead Of Hong Kong Leader John Lee's Policy Speech

Hong Kong stocks opened in the red on Wednesday, with the benchmark Hang Seng opening 0.42% lower ahead of a key speech by the city’s leader John Lee.

Wednesday’s market opening in Hong Kong defied Wall Street’s upbeat trading session on Tuesday where major indices closed in the green. Shares of Alibaba were trading 1.78% lower, while Xpeng and Nio shares fell over 4% each in Hong Kong.

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Macro News: Hong Kong leader Lee is set to deliver his inaugural policy address on Wednesday that is expected to focus on reviving the city's credentials as an international business hub, reported Reuters.

China’s ideology tsar Wang Huning, one of the architects of Xi Jinping’s "Chinese dream" concept, is tipped to head the National People’s Congress, reported the South China Morning Post.

Company News: China’s largest electric-vehicle battery maker Contemporary Amperex Technology Limited said it will supply batteries for one of the biggest solar energy storage facilities in the US, reported the South China Morning Post.

Warren Buffett-backed BYD Co. BYDDF BYDDY has announced it is launching the Atto 3 in Mongolia with local dealer partner MSM Group, reported CnEVPost.

Top Gainers and Losers: Li Ning Company Limited and WuXi Biologics (Cayman) Inc. are the top losers among Hang Seng constituents, having shed over 3% and 2%, respectively. Henderson Land Development Company Limited and Longfor Group Holdings Limited are the top gainers, having risen over 1.5% each.

Global News: U.S. futures traded in the green on Wednesday morning Asia session. The Dow Jones futures were up 0.73% while the Nasdaq futures gained 1.49%. The S&P 500 futures were up 1.02%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.63%. Japan’s Nikkei 225 gained 0.73% while China’s Shanghai Composite index was down 0.11%. South Korea’s Kospi rose 0.66%.

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