Shares of U.S.-listed Chinese companies were trading mostly higher in Hong Kong on Tuesday morning on mostly firmer global cues.
Major tech giants like Alibaba Group Holding BABA, JD.com Inc JD, and Tencent Holdings TCEHY were in the green, while Baidu Inc BIDU stumbled.
Among electric vehicle stocks, Li Auto Inc LI, Nio Inc NIO, and Xpeng Inc XPEV rose.
Shares of these Chinese companies, including Baidu, ended higher on Monday on U.S. bourses.
Global Markets Recap: At press time, the benchmark Hang Seng Index was marginally down after trading in the green for a while.
Overnight in the U.S., Dow Jones Industrial Average pared early trading gains to end the day on a muted note.
Elsewhere, Shanghai's SSE Composite Index was trading 0.16% higher, Japan's Nikkei 225 was up 0.41%, while Australia's ASX 200 shed 0.88%.
Macro Factors: Hong Kong's Financial Secretary Paul Chan Mo-po told the legislative council panel on Monday the economy will continue to improve if the city's COVID-19 situation remains under control. The government had downgraded its full-year forecast for the economic growth to 1-2% for 2022 from a prior 2-3.5% projection.
The Financial Secretary also addressed concerns from lawmakers about losing tax revenue as a growing number of residents immigrated to other places amid the strict COVID-19 policy, SCMP reported.
Company In News: Alibaba's affiliate Ant Group has set up a digital bank called ANEXT Bank in Singapore.
Shares of several Chinese stocks, including Nio, Xpeng, and Li Auto rose after Chinese regulators completed their investigation of ride-hailing company DiDi Global DIDI with a seemingly positive outcome.
According to technicals, Nio stock could soar 50% higher if this trend continues.
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