Shares of major U.S.-listed Chinese companies traded mixed in Hong Kong on Thursday as they struggled for direction.
Chinese tech giants like Alibaba Group Holdings BABA, Baidu Inc BIDU, and JD.com JD were trading marginally higher, whereas Tencent Holdings TCEHY cracked nearly 2%.
In the electric vehicle segment, Nio Inc NIO led the rally for a second consecutive day, while Xpeng Inc XPEV gained 2% and Li Auto LI shed 2%.
Shares of these Chinese companies ended higher on Wednesday on U.S. bourses.
Global Markets Recap: At press time, the benchmark Hang Seng Index was 0.28% lower, led by the fall in the index heavyweights.
Elsewhere, Japan's Nikkei 225 gained 1.40%, while Shanghai's SSE Composite Index gained 0.16%, and Singapore's SGX Nifty cracked 0.41%.
Macro Factors: The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 1.5% and 1.75%, its largest interest rate hike since 1994.
The Hong Kong Monetary Authority (HKMA) responded by raising its base rate by 75 basis points (bps) to 2% on Thursday in a bid to preserve the local currency peg to the dollar.
Company In News: Alibaba Group's The South China Morning Post (SCMP) named Expedia Group, Inc's EXPE Asia head, Catherine So, as its new CEO.
Baidu is exploring selling its controlling stake in iQIYI IQ, Inc at a potential valuation of $7 billion.
Mizuho analyst Vijay Rakesh sees BEVs (battery electric vehicles) as a bright spot amid macro headwinds for China's rebounding.
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