XPeng and Li Auto Shares Drop Over 1%, While Alibaba, Tech Peers Mixed in HK

ZINGER KEY POINTS

• Hang Seng Index gains 0.38% at open
• PBOC keeps one-year medium-term lending facility rate unchanged at 2.75%
• China's cyberspace regulator proposes series of amendments to the nation’s cybersecurity law

Hong Kong stocks opened mixed on Thursday morning, with the benchmark Hang Seng gaining 0.34%, while EV stocks declined. Shares of XPeng and Li Auto fell over 1%, Nio fell 0.58%.

The People's Bank of China(PBOC) kept the rate on 400 billion yuan ($57.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.75%, according toChannel News Asia.

Company News: Alibaba launched its second annual small business grants program, known as the"Manifest" Grants Program, to enhance the competitive edge of products by US small and medium-sized businesses (SMBs).

Tesla Inc. Chair Robyn Denholm has defended the carmaker’s focus on China and plans to grow further in the country, saying hitting a goal of making 20 million vehicles a year by 2030 will require manufacturing capabilities on every continent, reportedBloomberg.

Top Gainers and Losers: Country Garden Services Holdings Company Ltd and WuXi Biologics (Cayman) Inc. gained over 7% each, while ENN Energy Holdings Ltd and Hengan International Group Company Ltd lost over 0.6% each.

Global News: U.S. futures traded in the green on Thursday morning Asia session. The Dow Jones futures were up 0.06% while the Nasdaq futures gained 0.09%. The S&P 500 futures rose 0.09%.

Elsewhere in Asia, Australia’s ASX 200 gained 0.36%. Japan’s Nikkei 225 was up 0.12% while China’s Shanghai Composite index gained 0.5%. South Korea’s Kospi was up 0.1%.