Shares of major U.S.-listed Chinese companies inched higher in Hong Kong on Friday, with Alibaba Group Holdings stock surging 5.74%, other tech giants like Tencent Holdings, Baidu Inc, and JD.com IncJ gaining at least a percent.
In the electric vehicle segment, Xpeng Inc led the rally with 9.29% gains, while Li Auto Inc and Nio Inc also traded in the green.
Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 1.71% higher, deriving cues from global markets.
In the U.S., the Dow Jones index closed 0.64% higher after another bumpy session.
Elsewhere, Shanghai's SSE Composite Index gained 0.52%, Singapore's SGX Nifty was up 0.64%, while Japan's Nikkei 225 inched 0.73% higher.
Macro Factors: U.S. Federal Reserve Chairman Jerome Powell warned that rapidly rising interest rates threatened a recession. Powell also told Congress that policymakers would move aggressively to fight inflation but said the U.S. economy is "well-positioned" to handle rate hikes.
China's state television CCTV, citing a State Council meeting chaired by Premier Li Keqiang, reported that the government is considering extending exemptions by about 200 billion yuan ($30 billion).
The report added that policies such as waiving taxes would bolster demand for new energy vehicles and stimulate the used-car market.
Company In News: JPMorgan is doubling down on Alibaba, JD, and other Chinese techstocks amid easing regulatory crackdown, valuation, and supportive macroeconomic policy measures that pose positive catalysts for these stocks.
German automaker BMW has started productionat a new $2.24 billion electric vehicle plant in Shenyang, China, as it looks to take on Tesla Inc, Nio, and other fast-growing local EV rivals.
Two and a half years after its first vehicle delivery, XPeng has reached the milestone of200,000 vehicle deliveries.