Shares of U.S.-listed Chinese tech giants mostly traded higher in Hong Kong on Thursday as the benchmark index Hang Seng rose amid positive global cues.
While Alibaba Group Holding Ltd (NYSE: BABA), JD.Com (NASDAQ: JD), and Baidu Inc (NASDAQ: BIDU) traded in the positive territory, Tencent Holdings (OTC: TCEHY) slipped.
| Stocks | Movement |
|---|---|
| JD.com Inc | 2.09% |
| Baidu Inc | 3.34% |
| Tencent Holdings Ltd | -0.24% |
| Alibaba Group Holding Ltd | 3.02% |
The Macro Factors: The benchmark Hang Seng Index was up 1.29% at press time.
Chinese tech stocks rebounded in U.S. markets on Wednesday following a sharp sell-off in the previous session.
Elsewhere, the Shanghai Composite Index gained over 1%, while Japan's Nikkei 225 was up 0.61%.
Investors' risk appetite received a boost amid positive cues as COVID-19 cases saw a steep drop in mainland China, with Shanghai's new infections falling to a three-week low. The government also lifted a two-month lockdown in the northeastern city of Changchun.
Companies In The News: Hangzhou, an e-commerce hub and home to tech giant Alibaba will start mass testing for COVID-19, urging residents to be tested every 48 hours, according to Bloomberg.
The Association of Fruit Exporters (ASOEX) of Chile said it has "deepened its cooperation" with JD.com, adding that it would export 84.6 million boxes of 8.2 kilos (693,707 tons) of table grapes this season, according to Freshplaza.
NetEase's Cloud Music unit has sued Tencent Music Entertainment, accusing it of unfair competition and plagiarising its app design, according to a Reuters report.
Baidu has received permits to provide driverless ride-hailing services to the public on open roads in Beijing.
