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Shares of U.S.-listed Chinese tech companies traded notably lower in Hong Kong on Thursday, dragging the benchmark Hang Seng Index into negative territory after three straight days of gains.
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| Stock | Movement (+/-) |
|---|---|
| Li Auto Inc. (NASDAQ:LI) | -5.5% |
| Xpeng Inc. (NYSE:XPEV) | -4.4% |
| Baidu Inc. (NASDAQ:BIDU) | -4.1% |
| JD.com Inc. (NASDAQ:JD) | -1.9% |
| Alibaba Group Holding Limited (NYSE:BABA) | -1.5% |
| Tencent Holdings Limited (OTC:TCEHY) | -1.5% |
| Nio Inc. (NYSE:NIO) | -0.9% |
See Also: How To Buy Alibaba (BABA) Stock
The Macro Factors: The benchmark Hang Seng Index was down 0.8% at the time of writing.
The index drifted lower after data showed that China’s manufacturing activity contracted in March for the first time in five months. China is grappling with a surge in COVID-19 cases that have impacted production across industries.
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China’s manufacturing purchasing managers' index (PMI) fell to 49.5 in March from 50.2 in February, Xinhua reported, citing data from the National Bureau of Statistics. A reading below 50 indicates contraction.
Meanwhile, U.S. Securities and Exchange Commission chairman Gary Gensler quelled speculation about a deal with his Chinese counterpart to retain the listing of about 200 Chinese companies on American stock exchanges, as per a report by Bloomberg.
Companies In The News: Cathie Wood-led Ark Investment Management on Wednesday trimmed its stake in Tesla Inc. (NASDAQ:TSLA) and acquired more shares in BYD Co. (OTC:BYDDF) — the Chinese electric vehicle maker backed by veteran investor Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B).
Apple Inc. (NASDAQ:AAPL) is exploring new suppliers of memory chips for iPhones — including potentially its first Chinese provider — following production disruption at a key Japanese partner, Bloomberg reported.
Shares of Chinese companies closed mixed in U.S. trading on Wednesday after the major averages ended lower.
Nio closed almost 1.3% higher in the regular trading session at $22.16 and further rose 0.5% in the after-hours session to $22.26, according to data from Benzinga Pro.
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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.