Alibaba Up 2%, Nio Down 3%: What's Weighing On Hong Kong Stocks Today

Zinger Key Points
  • Hang Seng Index 0.32% down after opening in the green
  • China due to announce the first set of trade data for May today
  • Baidu's EV arm Jidu Auto launched a "robot" concept car

Shares of U.S.-listed Chinese companies were trading mixed in Hong Kong on Thursday morning.

While Alibaba Group Holding Ltd BABA and Tencent Holdings Ltd TCEHY were trading in the green, internet giant Baidu Inc BIDU and JD.com Inc JD were in the red.

Among electric vehicle stocks, Nio Inc NIO and Li Auto Inc LI cracked after starting in green, while Xpeng Inc XPEV was trading nearly 2% higher.

How U.S.-listed Chinese Stocks Are Faring In Hong Kong Today
Stocks Movement (+/-)
Alibaba 2.21%
Tencent 0.56%
Baidu -1.45%
JD.Com -3.23%
Nio -3.09%
Xpeng 1.91%
Li Auto -0.59%

Shares of these Chinese companies ended higher on Tuesday on U.S. bourses.

Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 0.32% lower after starting the day in the green.

Overnight in the U.S., the Dow Jones Industrial Average ended the day nearly a percent lower.

Elsewhere, Shanghai's SSE Composite Index lost 0.21%, Australia's ASX 200 shed 1.01%, while Japan's Nikkei 225 gained 0.16%.

Macro Factors: China is scheduled to announce the first set of trade data for May on Thursday. As COVID-19 restrictions started to ease later during that month, the impact is likely to be less compared to previous months.

According to economists tracked by Bloomberg, the consensus shows that China's exports are expected to grow by 8% in May from a year earlier versus a 3.9% in April.

Company In News: Tencent Holdings looks to unleash its flagship mobile game "Honor of Kings" globally by the end of 2022. Tencent will launch the international version under its Singapore-based brand Level Infinite, formed in 2021 to help games globally.

The sudden disappearance of China's "Lipstick King" from Alibaba Group Holding's Taobao may come as a blow to the live-streaming platform.

Baidu's electric vehicle arm Jidu Auto launched a "robot" concept car in an online press conference held on Baidu's metaverse-themed app Xirang.

Xpeng chairman and CEO He Xiaopeng, in a social media post, said he believes Apple Inc's AAPL CarPlay is a good solution for the current generation of cars but not for the next generation of smart cars.

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