Why Alibaba And Tesla Rivals Xpeng, Li Auto Are Shooting Up In Hong Kong Today
Shares of U.S.-listed Chinese tech companies surged in Hong Kong on Friday as the market resumed trading after the Lunar New Year holidays.
| Stock | Movement (+/-) |
|---|---|
| Li Auto Inc. (NASDAQ: LI) | +12.4% |
| Xpeng Inc. (NYSE: XPEV) | +9.7% |
| Alibaba Group Holding Limited (NYSE: BABA) | +5.0% |
| Baidu Inc. (NASDAQ: BIDU) | +4.8% |
| JD.com Inc. (NASDAQ: JD) | +1.1% |
| Tencent Holdings Limited (OTC: TCEHY) | +0.8% |
Why Is It Moving? The Hang Seng Index was up almost 2.6% at the time of writing, with the market playing catch-up with the earlier gains in other global markets.
Optimism that the tech sell-off in the U.S. is easing also boosted sentiment as U.S. stock futures rose following upbeat quarterly results from Amazon.com Inc. (NASDAQ: AMZN), Pinterest Inc. (NYSE: PINS) and Snap Inc. (NYSE: SNAP).
See Also: How To Buy Xpeng Motors (XPEV) Stock
Tesla Inc. (NASDAQ: TSLA) rival Xpeng outperformed the delivery numbers of peers Li Auto and Nio Inc. (NYSE: NIO) in January, even though all the three Chinese EV makers reported a sequential volume decline ahead of the slow-sales season before the Lunar New Year.
JD.Com CEO Richard Liu is donating company shares worth about $2.3 billion to charity. The move comes amid China’s regulatory crackdown on the tech sector and is part of Chinese President Xi Jinping’s “common prosperity” vision.
Shares of Chinese companies, including electric vehicle maker Nio Inc. (NYSE: NIO), closed lower in U.S. trading on Thursday after the major averages in the U.S. ended sharply lower.
Read Next: Tesla Fans Buy Times Square Billboard Promoting Tweet From Elon Musk: Will President Biden Notice?
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