Hot Chinese ADRs gained in morning trading.
Bilibili rose over 13%; Nio rose over 12%; XPeng rose over 10%; Alibaba, Li Auto rose 8%; NetEase rose nearly 8%.
Jack Ma, the co-founder of Alibaba, has been buying up shares in Alibaba, as has Joe Tsai, his longtime business associate and the company’s chairman, according to people briefed on the transactions, who were not authorized to speak publicly about the purchases.
Tsai has bought about $151 million worth of Alibaba’s U.S.-traded shares in the fourth quarter, via his Blue Pool Management family investment vehicle, a securities filing confirmed on Tuesday. Ma, who stepped down as the company’s executive chairman in 2019 but remains a major shareholder, bought $50 million worth of Hong Kong-traded stock in the quarter, according to a person with knowledge of the matter. (Both men already hold sizable amounts of Alibaba stock.)
China's gaming regulator has removed from its website rules it proposed last month aimed at curbing spending and rewards that encourage playing video games, checks by Reuters on Tuesday showed, in a move that boosted gaming company shares.
The removal was described by analysts as unusual, with some saying a revision could be in store. The NPPA did not immediately respond to a request for comment on the reason for the removal.
In the week of January 15-21, Li Auto (NASDAQ: LI) returned to No. 1 in sales for new car-making brands with weekly sales of 7,600 units, the company said today.
Li Auto's insurance registrations last week were up 11.76 percent from 6,800 the week before, beating Huawei-backed Aito's 7,300.
Nio (NYSE: NIO) was at 1,900 last week, up 11.76 percent from 1,700 the week before.
Xpeng (NYSE: XPEV) was at 1,800 last week, up 28.57 percent from 1,400 the week before.