Shares of U.S.-listed Chinese companies rallied in Hong Kong on Friday morning, with major tech names like Alibaba Group Holding (NYSE: BABA), JD.com Inc (NASDAQ: JD), Tencent Holdings (OTC: TCEHY), and Baidu Inc (NASDAQ: BIDU) gaining as much as 5%.
Among electric vehicle stocks, Nio Inc (NYSE: NIO), Li Auto (NASDAQ: LI), and Xpeng Inc (NYSE: XPEV) rose as much as 8%.
| Stocks | Movement (+/-) |
|---|---|
| Alibaba | 12.58% |
| JD.Com | 4.86% |
| Tencent | 2.21% |
| Baidu | 13.66% |
| Nio | 8.37% |
| Li Auto | 7.18% |
| Xpeng | 4.19% |
Shares of these Chinese companies ended higher in U.S. markets on Thursday.
Global Markets Recap: At press time, the benchmark Hang Seng Index rallied nearly 3% following positive cues from global markets.
U.S. indices also ended higher overnight, with the Nasdaq Composite Index gaining as much as 2.68% toward the end of the trade.
Elsewhere, Australia's ASX 200 was trading 0.85% higher, while Japan's Nikkei 225 and Shanghai's SSE Composite Index were up 0.63% and 0.42%, respectively.
Macro Factors: According to Chinese state media, the country's premier, Li Keqiang, held a rare nationwide meeting via teleconference to bolster the Covid battered economy. More than 100,000 government officials joined the meeting.
Company In News: Alibaba reported a better-than-expected fourth quarter, as revenue grew 9% to $32.19 billion, beating analysts' average estimate of $29.94 billion.
Baidu also reported better-than-expected quarterly results, as revenue growth at 1% to $4.48 billion, beating the consensus of $4.18 billion.
On Thursday, EV maker Xpeng's CEO used a Psyduck Pokemon toy to express his frustration over the ongoing chip shortages.
