Shares of U.S.-listed Chinese companies, which faced a heavy sell-off in the previous session, were not trading on Monday in Hong Kong.
The country's benchmark bourse Hang Seng was shut through Monday to mark the birthday of the Buddha.
Friday Recap: Shares of Alibaba Group Holdings Ltd. BABA, JD.Com Inc. JD, Tencent Holdings TCEHY, and Baidu Inc BIDU closed significantly lower in Hong Kong markets on Friday. The tech stocks also had a subdued ending in U.S. markets.
Chinese EV makers Nio Inc. NIO fell as much as 12%, XPeng Inc. XPEV, and Li Auto Inc LI shed 10% and 6%, respectively, after falling overnight in U.S. trading.
Asian Peers On Monday: Elsewhere, Australia's ASX 200 slipped 1.32%, and Japan's Nikkei 225 was down 2.25%, while Shanghai's SSE Composite Index was muted with a negative bias at press time.
Investors are awaiting Chinese trade data for April, which is expected to take a hit from President Xi Jinping's "dynamic zero-COVID" policy.
Company In News: On Friday, U.S. regulatory officials arrived in Beijing seeking to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese firms. JD.com, Nio, XPeng, and Baidu are among the 80 companies that would be impacted by the regulatory crackdown for not disclosing audit reports.
XPeng said it would step up its EV game by launching four new variants to its flagship P7 sedan and a new variant of the P5 sedan. Due to COVID-spurred supply chain woes, the company also increased the prices of two existing P5 models, according to CnEVPost.
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