Tesla Rivals Li Auto, Xpeng Strike Gains In Hong Kong While Alibaba, Other Tech Giants Are Muted

Shares of U.S.-listed Chinese tech companies — led by the electric vehicle makers — traded somewhat higher in Hong Kong on Tuesday, even as the benchmark Hang Seng Index was muted. 

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The Macro Factors: The Hang Seng Index was down 0.5% at the time of writing, amid worries about wider lockdowns due to the surge in coronavirus infections in Hong Kong. Concerns about a potential Russian invasion of Ukraine also weighed on the market.

Hong Kong’s hospitals are struggling to cope with the surge in coronavirus cases and are short of beds, as per a report by the South China Morning Post.

Meanwhile, the People’s Bank of China (PBOC) injected RMB 100 billion ($15.7 billion) of liquidity into the banking system through its medium-term lending facility in order to support businesses and bolster economic growth, Bloomberg reported.

Shares of Chinese companies closed mixed in U.S. trading on Monday after the major averages ended lower amid fears of a Russian invasion of Ukraine.

Companies In The News: BYD Co Ltd. (OTC: BYDDY), backed by veteran investor Warren Buffett, has followed in the footsteps of rivals Nio Inc. (NYSE: NIO) and Xpeng by filing for the Metaverse trademark, it was reported on Monday.

Meanwhile, Alibaba’s key backer and Singapore’s state investment firm Temasek Holdings has trimmed its stake in the Chinese e-commerce giant by $361.6 million to $1.08 billion and acquired a new stake in JD.Com worth $12.2 million, according to a filing with the U.S. Securities and Exchange Commission on Monday.

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