Shares of US-listed Chinese technology companies posted strong gains in Hong Kong on Thursday after Beijing vowed to guarantee stability in the stock market and support foreign listings of domestic companies.
Stock Movement (+/-) Baidu Inc. (NASDAQ: BIDU) +16.8% JD.com Inc. (NASDAQ: JD) +11.0% Alibaba Group Holding Limited (NYSE: BABA) +9.1% Li Auto Inc. (NASDAQ: LI) +7.3% Tencent Holdings Limited (OTC: TCEHY) +5.6% Xpeng Inc. (NYSE: XPEV) +5.4% Nio Inc. (NYSE: NIO) +4.6%
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The Macro Factors: The Hang Seng Index was up 6.2% at the time of writing, continuing a strong recovery from the previous session after significant losses earlier in the week.
A meeting of the State Council’s Financial Stability and Development Committee said authorities should work on the stability of Hong Kong’s financial market and take measures to prevent risks in the real estate sector, Chinese state media reported.
Meanwhile, the Hong Kong Monetary Authority raised its benchmark rate by 25 basis points to 0.75% after the US Federal Reserve announced its widely anticipated decision on Wednesday to raise interest rates for the first time since December 2018.
Companies in the news: Electric vehicle maker Nio took the top spot ahead of rivals such as Li Auto, Xpeng and Tesla Inc. (NASDAQ: TSLA) in a study assessing car quality in China, it was reported Wednesday, citing the automotive website Autohome.
HSBC Holdings PLC (NYSE: HSBC) has acquired a virtual plot of land in the Sandbox metaverse to engage with its sports-focused users.
Apple Inc. (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHPF), also known as Foxconn, is resuming partial operations and manufacturing at its two Shenzhen campuses after implementing COVID-19 measures.
Shares of Chinese companies closed sharply higher in US trading on Wednesday as key averages ended notably higher following the Federal Reserve’s monetary policy announcement.
Read next: Nio reverses price after sell-off: Will EV stocks rise for profit?
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This post Alibaba (NYSE:BABA), (LI) – Alibaba Up 9%, Nio Up 4.6% – What’s Driving Hong Kong Markets Higher Today? was original published at “https://www.benzinga.com/markets/asia/22/03/26176924/alibaba-up-9-nio-up-4-6-whats-driving-hong-kong-markets-higher-today”