Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Shares of Alibaba Group Holding Limited (NYSE:BABA), Baidu Inc. (NASDAQ:BIDU), Tencent Holdings Inc. (OTC:TCEHY), JD.Com Inc. (NASDAQ:JD) and Li Auto Inc. (NASDAQ:LI) rose in Hong Kong on Tuesday, while Xpeng Inc. (NYSE:XPEV) traded lower.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.8% higher at HKD 164.40 in Hong Kong, while technology company Baidu’s shares have risen 0.6% to HKD 167.50 and e-commerce company JD.Com’s shares have gained 0.4% to HKD 337.00.
See Also: How To Buy Alibaba (BABA) Stock
Tech conglomerate Tencent’s shares are up 1.7% to HKD 500.00.
Electric vehicle maker Xpeng’s shares have lost 0.6% to HKD 189.60, while peer Li Auto’s shares have gained almost 0.3% to HKD 119.30.
Hong Kong’s benchmark Hang Seng Index opened higher on Tuesday and was up almost 1.1% at the time of writing. The index closed almost 0.3% higher on Monday, extending gains to a fifth straight session.
Why Is It Moving? The Hang Seng Index advanced as investors monitored a virtual summit between U.S. President Joe Biden and Chinese President Xi Jinping on Tuesday.
The Biden-Xi summit - the first ever between the two leaders since Biden assumed office — is aimed at reducing tensions between the world’s two largest economies.
Optimism that Chinese policymakers will ease the regulatory crackdown on the troubled real estate sector also boosted sentiment.
Chinese state-owned property developers, including China Merchants Shekou Industrial Zone Holdings Co. and Poly Developments & Holdings Group Co., have received approval to sell a combined RMB 8.6 billion ($1.3 billion) of local bonds this week, Bloomberg reported.
Meanwhile, heavily indebted property developer China Evergrande Group’s (OTC:EGRNY) chairman Hui Ka Yan is freeing up funds from his personal luxury assets to help pay the company’s bondholders, as per a report by Reuters, citing regulatory filings and a person with knowledge of the matter.
Shares of Chinese companies closed lower in U.S. trading on Monday after the major averages in the U.S. closed little changed in lackluster trading.
Alibaba’s shares closed almost 0.2% lower, while Nio’s shares ended lower by 4.9%.
Read Next: Disney's 'Jungle Cruise' Sinks At Chinese Box Office: What Went Wrong
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!