Shares of U.S.-listed Chinese tech companies traded notably higher in Hong Kong on Wednesday following upbeat quarterly earnings results from companies such as smartphone maker Xiaomi Corp. and biotechnology company WuXi Biologics.
| Stock | Movement (+/-) |
|---|---|
| Nio Inc. (NYSE:NIO) | +9.3% |
| Alibaba Group Holding Limited (NYSE:BABA) | +6.6% |
| Xpeng Inc. (NYSE:XPEV) | +4.8% |
| Baidu Inc. (NASDAQ:BIDU) | +3.5% |
| Tencent Holdings Limited (OTC:TCEHY) | +2.5% |
| JD.com Inc. (NASDAQ:JD) | +1.7% |
| Li Auto Inc. (NASDAQ:LI) | +0.9% |
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The Macro Factors: The benchmark Hang Seng Index was up 1.6% at the time of writing, extending gains from the previous session.
Companies In The News: Xiaomi reported better-than-expected earnings results for the fourth quarter and said it will buy back HKD 10 billion ($1.3 billion) of its own shares, Bloomberg reported.
Following similar steps taken by rivals such as Xpeng and Tesla Inc. (NASDAQ:TSLA), electric vehicle maker Li Auto has raised the price of Li One, its only model currently on sale.
Meanwhile, technology conglomerate Tencent Holdings is slated to report its fourth-quarter results later today.
Property developer Kaisa Group Holdings Ltd. has followed in the footstep of China Evergrande Group (OTC:EGRNF) by saying it will likely not be able to publish its audited 2021 results by the end of March as the audit work has not been completed.
Shares of Chinese companies closed notably higher in U.S. trading on Tuesday as the major averages ended firmly in positive territory.
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