Shares of US-listed Chinese tech companies — led by Alibaba Group Holding Limited (NYSE: BABA) — traded largely higher in Hong Kong on Tuesday after the e-commerce giant said it had expanded its share buyback program to include $25 billion out of $15 billion.
Equity Movement (+/-) Alibaba Group Holding Limited (NYSE: BABA) +4.8% JD.com Inc. (NASDAQ: JD) +2.3% Baidu Inc. (NASDAQ: BIDU) +1.7% Nio Inc. (NYSE: NIO ) +1.3% Xpeng Inc. (NYSE: XPEV) +0.6% Li Auto Inc. (NASDAQ: LI) -0.8% Tencent Holdings Limited (OTC:TCEHY) -0.8%
See also: How to buy Alibaba (BABA) shares
The macro factors: The Hang Seng index was up 0.9% at press time, with tech stocks leading the recovery.
At a meeting of the State Council on Monday, Prime Minister Li Keqiang called on China to introduce monetary policy instruments to support credit expansion at a steady pace, the Xinhua news agency reported.
Businesses in the news: Heavily indebted real estate developer China Evergrande Group (OTC:EGRNF) said on Tuesday it won’t be able to release its audited results for 2021 before the end of this month because audit work has not yet been completed.
Alibaba’s cloud business held a dominant 37% market share in China’s cloud infrastructure services market in 2021, it was reported Monday, citing technology market analyst firm Canalys.
Nio is looking for a Chief Operating Software Architect in San Jose, California before the electric vehicle maker enters the US market, which will compete against global EV leader Tesla Inc. (NASDAQ: TSLA) at its home base.
Shares of Chinese companies closed significantly lower in US trading Monday as key averages ended negative.
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This post Alibaba and Nio continue to grow in Hong Kong was original published at “https://www.benzinga.com/markets/asia/22/03/26232923/alibaba-gains-nearly-5-tesla-rivals-nio-xpeng-firm-in-hong-kong-today-whats-keeping-sentiment-up”
