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2022-07-13

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Alibaba, Nio Go Up In Hong Kong As Quarantine-Free Travel Brightens Outlook: What You Need To Know

Shares of U.S.-listed Chinese companies traded mostly higher in Hong Kong on Wednesday, snapping a t

Alibaba, Nio Go Up In Hong Kong As Quarantine-Free Travel Brightens Outlook: What You Need To Know

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At the same time, <b>Tencent Holdings</b> traded on a muted note.</p><p>In the electric vehicle segment, <b>Xpeng Inc</b>, <b>Nio Inc</b>, and <b>Li Auto Inc</b> gained as much as 3% during the early trading hours.</p><p>Shares of these Chinese companies ended mixed on U.S. bourses on Tuesday.</p><p><b>Global Markets Recap:</b>At press time, the benchmark<b>Hang Seng Index</b>gained 0.89%, rising from its six-week low.</p><p>In the U.S., the <b>Dow Jones Industrial Average</b> ended 0.62% lower after paring its early gains.</p><p>Elsewhere, Shanghai&#39;s <b>SSE Composite Index</b> was up 0.21%, Japan&#39;s <b>Nikkei 225</b> gained 0.33%, while Singapore&#39;s <b>SGX Nifty</b> shed 0.31%.</p><p><b>Macro Factors:</b> Hong Kong’s newly appointed health minister <b>Lo Chung-mau,</b>in an interview with the SCMP, said that quarantine-free arrivals with conditions attached could be allowed by November in time for a global bankers summit.</p><p>The health chief said travelers could be allowed to conduct some of their quarantine at home along with PCR screenings and a ban from high-risk activities.</p><p><b>Company In News:Freshippo</b>, Alibaba&#39;s supermarket chain, is seeking to raise funds at a valuation of about $6 billion, much lower than a hoped-for valuation of up to $10 billion earlier this year.</p><p><b>Citigroup</b> raised its target price for JD.com to $93 from $90 earlier. The investment banking company also reiterated its ‘Buy’ rating for the stock.</p><p>China’s<b>National Press and Publication Administration</b>approved another batch of new games this year, but Tencent again failed to make it to the list. The administration granted 67 licenses this week.</p><p>Nio and Li Auto made it to the list of 500 largest publicly traded Chinese companies for the first time. Nio ranked 344th and Li Auto stood 427th on the <b>Fortune China 500</b> list.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09866":"蔚来-SW","09988":"阿里巴巴-W"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104172702","content_text":"Shares of U.S.-listed Chinese companies traded mostly higher in Hong Kong on Wednesday, snapping a two-day losing streak.Major tech stocks like Alibaba Group Holdings, Baidu Inc, and JD.com Inc gained around 0.46% to nearly 5%. At the same time, Tencent Holdings traded on a muted note.In the electric vehicle segment, Xpeng Inc, Nio Inc, and Li Auto Inc gained as much as 3% during the early trading hours.Shares of these Chinese companies ended mixed on U.S. bourses on Tuesday.Global Markets Recap:At press time, the benchmarkHang Seng Indexgained 0.89%, rising from its six-week low.In the U.S., the Dow Jones Industrial Average ended 0.62% lower after paring its early gains.Elsewhere, Shanghai's SSE Composite Index was up 0.21%, Japan's Nikkei 225 gained 0.33%, while Singapore's SGX Nifty shed 0.31%.Macro Factors: Hong Kong’s newly appointed health minister Lo Chung-mau,in an interview with the SCMP, said that quarantine-free arrivals with conditions attached could be allowed by November in time for a global bankers summit.The health chief said travelers could be allowed to conduct some of their quarantine at home along with PCR screenings and a ban from high-risk activities.Company In News:Freshippo, Alibaba's supermarket chain, is seeking to raise funds at a valuation of about $6 billion, much lower than a hoped-for valuation of up to $10 billion earlier this year.Citigroup raised its target price for JD.com to $93 from $90 earlier. 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