Shares of Alibaba Group Holding Limited BABA, JD.Com Inc. JD, Tencent Holdings Inc. TCEHY, Baidu Inc. BIDU and Li Auto Inc. LI rose in Hong Kong on Thursday, while Xpeng Inc. XPEV traded lower.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 2.2% higher at HKD 123.30 in Hong Kong, while peer JD.Com’s shares have risen 1.4% to HKD 311.20.
It was reported on Wednesday that Alibaba’s research outfit DAMO Academy has teased a chip that stacks logic and memory in 3D, citing the Register.
See Also: How To Buy Alibaba (BABA) Stock
Technology company Baidu’s shares have advanced 0.9% to HKD 146.30, while tech conglomerate Tencent’s shares are up 1.0% to HKD 471.80.
Electric vehicle maker Li Auto’s shares have risen 2.1% to HKD 124.50, while peer Xpeng’s shares are down 0.4% to HKD 188.00.
Hong Kong’s benchmark Hang Seng Index opened higher on Wednesday and was up 1.2% at the time of writing. The index closed flat on Wednesday.
Why Is It Moving? The Hang Seng Index rose for a third straight day amid hopes for more policy easing by Beijing after data showed that China's factory inflation eased in November from a 26-year high.
China’s producer price index rose 12.9% in November from a year earlier, but slowed from October’s 26-year high of 13.5%, Reuters reported, citing the National Bureau of Statistics.
Optimism that the Omicron Covid variant will not derail the global economic recovery also lifted the market. Pfizer Inc. PFE and BioNTech SE BNTX said that preliminary lab studies showed a third dose of their COVID-19 vaccine may neutralize the Omicron variant.
Meanwhile, heavily indebted property developer China Evergrande Group’s EGRNY shares recovered after touching a new 52-week low on Thursday.
The company is at the risk of becoming China’s biggest defaulter after it failed to make payments on dollar bonds at the end of a 30-day grace period, as per a report by Reuters.
A group of Kaisa Group Holdings Ltd. bondholders is close to signing non-disclosure agreements with the company that could pave the way for talks around a financing deal, Bloomberg reported. Kaisa has not repaid a $400 million dollar bond that was due to mature Tuesday.
Shares of Chinese companies closed mostly higher in U.S. trading on Wednesday after the major averages in the U.S. ended higher for the third straight session.
The Hong Kong Stock Exchange announced that trading in shares of Macau casino operator Suncity Group Holdings were suspended on Thursday, but did not provide more details on the suspension.
Alibaba’s shares closed almost 0.4% lower, while Nio’s shares ended higher by 5.8%.
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