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Shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Wednesday, leading the benchmark Hang Seng Index higher.
What’s Moving: Shares of Baidu Inc. (NASDAQ:BIDU), JD.Com Inc. (NASDAQ:JD) and Tencent Holdings Inc. (OTC:TCEHY) advanced in a range of 1% to 4%, while Li Auto Inc. (NASDAQ:LI) and Xpeng Inc. (NYSE:XPEV) traded lower in a range of 1% to 3%.
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Canada-based e-commerce company Shopify Inc. (NYSE:SHOP) has announced a partnership with Chinese e-commerce giant JD.Com to help U.S. merchants to sell their goods to consumers in China.
Alibaba Group Holding Limited’s (NYSE:BABA) shares have lost 0.5% after Reuters reported that the U.S. is examining Alibaba's cloud unit for national security risks.
The benchmark Hang Seng Index opened higher on Wednesday and was up 0.6% at the time of writing. The index closed 0.4% lower on Tuesday.
See Also: How To Buy Alibaba (BABA) Stock
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Why Is It Moving? The Hang Seng Index rose after three days of losses amid hopes for more policy easing measures by Beijing to bolster the economy.
China’s central bank will roll out more policy measures to stabilise the economy and prevent a collapse in credit, deputy governor Liu Guoqiang said on Tuesday, as per a report by Reuters.
Meanwhile, embattled cruise operator Genting Hong Kong Ltd. said it has filed an application to wind up the company after it “exhausted all reasonable efforts” to negotiate with its creditors under its financing arrangements. Genting’s German shipbuilding subsidiary had filed for insolvency in Germany last week.
Shares of Chinese companies closed lower in U.S. trading on Tuesday after the major averages in the U.S. ended notably lower amid a rise in Treasury yields and weaker-than-expected fourth-quarter earnings results from Goldman Sachs Group Inc. (NYSE:GS).
Alibaba’s shares closed almost 2.3% lower, while Nio Inc.’s (NYSE:NIO) shares ended lower by 4.3%.
Cumulative transactions in China’s digital yuan have reached RMB 87.57 billion ($13.68 billion), it was reported by CNBC, citing Zou Lan, head of financial markets at the People’s Bank of China (PBOC). The digital yuan, also known as e-CNY, is not a cryptocurrency like Bitcoin (CRYPTO: BTC).
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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.