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Why Alibaba, Nio, Most Chinese Peers Are Shooting Up In Hong Kong Today

Benzinga2022-06-23

KEY POINTS

  • Hang Seng Index was trading 1.30% higher after paring early gains
  • HK blue-chip stocks could climb by as much as 16% in H2 - Citigroup

Shares of major U.S.-listed Chinese companies traded mostly higher in Hong Kong on Thursday, with tech giants like Alibaba Group HoldingsTencent Holdings, and Baidu Inc trading higher, while JD.com Inc bucked the trend.

Li Auto Inc led the rally in the electric vehicle segment, while Nio Inc and Xpeng Inc gained at least 8% each.

Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 1.30% higher after paring early gains.

In the U.S., the Dow Jones index closed on a muted note, dragged by losses in the oil & gas, basic materials, and industrial sectors.

Elsewhere, Singapore's SGX Nifty was up 0.21%, while Japan's Nikkei 225 pared gains to trade in the red.

Macro Factors: According to Citigroup, Hong Kong's blue-chip stocks could climb by as much as 16% in the second half of this year, led by stronger corporate earnings.

Company In News: XPeng announced that it has suspended all P5 reservations and pre-orders in four European countries and will shift its focus to the P7 sedan, citing foreseeable export timeline issues.

This setback regarding the P5 does not affect its long-term strategy in Europe or its intention to establish a local presence in the countries where it currently operates, an XPeng spokesperson told CnEVPost, adding that the automaker is shifting to encouraging European consumers to book the P7 sedan.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment18

  • FuraNshi
    ·2022-06-29
    🤔
    Reply
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  • Crafted
    ·2022-06-26
    Ok
    Reply
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  • Jess261
    ·2022-06-24
    Okay
    Reply
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  • Bspn
    ·2022-06-24
    Ok
    Reply
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  • yewkee
    ·2022-06-24
    Noted 
    Reply
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  • Jawslea
    ·2022-06-23
    Keep cash.  Invest during recession when price is low.Recently, is rally a day & crash for many days....
    Reply
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  • Henryee18
    ·2022-06-23
    Nice
    Reply
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  • hphoa
    ·2022-06-23
    Whoo whoo
    Reply
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  • Simonnov
    ·2022-06-23
    Ic
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  • ming22
    ·2022-06-23
    Finally, turn green 
    Reply
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  • Tenten
    ·2022-06-23
    Wow
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  • Tabby Chai
    ·2022-06-23
    They are gaining momentum. Very good.
    Reply
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  • Guavaxf30
    ·2022-06-23
    Still have to exercise extreme caution. Volume for thes stocks are very low. Very easy for funds to manipulate.Meaning, HK shares close high, hoping retailcustomers rush in when US market opens, nand then the funds dump. Go track past movements, this is what happens often.
    Reply
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  • Garry Singh
    ·2022-06-23
    Because i sell them already 😂
    Reply
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  • Deonc
    ·2022-06-23
    Good
    Reply
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  • Bash
    ·2022-06-23
    Like pls, thank you
    Reply
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  • MrHuattt
    ·2022-06-23
    Aure
    Reply
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  • yyhwin12345
    ·2022-06-23
    hi
    Reply
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