Li Auto Inc LI, Nio Inc - ADR NIO and XPeng Inc - ADR XPEV are all trading sharply higher during Tuesday's session. Shares of Chinese companies are trading higher amid multiple recent catalysts including the Biden-Xi G20 meeting, property sector support and lighter-than-expected US inflation data.
Additionally, a report released by the National Bureau of Statistics also showed online retail sales continued to increase and its contribution to overall retail sales also improved.
The NBS report showed online retail sales rose 7.2% year-over-year in the Jan-Oct period, faster than the 6.1% growth in the Jan-Sept period.
This report should bode well for Alibaba, JD and Pinduoduo, which are major players in the ecommerce industry.
According to data from Benzinga Pro:
- LI is trading higher by 6.68% to $19.16
- NIO is higher by 5.86% to $11.82
- XPEV is higher by 5.21% to $9.09
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