Shares of Tesla Inc (NASDAQ: TSLA) rivals and U.S.-listed Chinese electric automakers Nio Inc. (NYSE: NIO), Xpeng Inc (NYSE: XPEV), and Li Auto Inc (NASDAQ: LI) traded significantly lower in the Hong Kong on Thursday.
| Stocks | Movement (+/-) |
|---|---|
| Nio | -5.44% |
| Xpeng | -5.15% |
| Li Auto | -4.07% |
The stocks also had a subdued closing in the U.S. Markets on Wednesday.
The Macro Factors: This came amid a weaker Hong Kong market, where the overall benchmark Hang Seng index fell almost 2%, touching more than a one-month low.
According to SCMP, Chinese Premier Xi Jinping is set to deliver a speech via a video link at the annual Boao Forum, where he is expected to offer clues on the state of the economy as the new COVID-19 wave forced authorities to lock down the financial hub of Shanghai.
Mark Mobius, a fund manager focused on emerging markets said on Wednesday that the negative risks faced by China stocks may have played out fully, and a bottom is near.
Photo courtesy: Xpeng
