Hong Kong stocks opened mixed on Thursday morning, with the benchmark Hang Seng gaining 0.38%, while EV stocks declined. Shares of XPeng, Li Auto and Nio fell over 1%.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. (NYSE:BABA) | 0.06% |
| JD.com Inc (NASDAQ:JD) | -0.45% |
| Baidu Inc (NASDAQ:BIDU) | -1.17% |
| Tencent Holdings Ltd. (OTC:TCEHY) | 0.4% |
| Meituan (OTC:MPNGF) | 0.4% |
| Nio Inc (NYSE:NIO) | -1.10% |
| XPeng Inc (NYSE:XPEV) | -2.61% |
| Li Auto Inc (NASDAQ:LI) | -1.89% |
The People's Bank of China (PBOC) kept the rate on 400 billion yuan ($57.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75%, according to Channel News Asia.
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Macro News: China's cyberspace regulator on Wednesday proposed a series of amendments to the nation’s cybersecurity law that includes increasing the size of fines for some violations, reported Reuters.
Chinese President Xi Jinping traveled to Kazakhstan on Wednesday for a state visit, his first foreign trip since the COVID-19 pandemic as he tries to gain alliances to counter U.S. influence on the world order, reported Bloomberg.
Company News: Alibaba launched its second annual small business grants program, known as the "Manifest" Grants Program, to enhance the competitive edge of products by US small and medium-sized businesses (SMBs).
Tesla Inc. (NASDAQ:TSLA) Chair Robyn Denholm has defended the carmaker’s focus on China and plans to grow further in the country, saying hitting a goal of making 20 million vehicles a year by 2030 will require manufacturing capabilities on every continent, reported Bloomberg.
Top Gainers and Losers: Country Garden Services Holdings Company Ltd and WuXi Biologics (Cayman) Inc. gained over 7% each, while ENN Energy Holdings Ltd and Hengan International Group Company Ltd lost over 0.6% each.
Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures were up 0.06% while the Nasdaq futures gained 0.09%. The S&P 500 futures rose 0.09%.
Elsewhere in Asia, Australia’s ASX 200 gained 0.36%. Japan’s Nikkei 225 was up 0.12% while China’s Shanghai Composite index gained 0.5%. South Korea’s Kospi was up 0.1%.
