Shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Wednesday, lifting the benchmark Hang Seng Index into positive territory.
Why Is It Moving? The Hang Seng Index was up 0.2% at the time of writing — rising after two straight days of losses — amid optimism about further policy easing by Beijing.
Oil-related stocks such as PetroChina Co. Ltd. (NYSE: PTR) and CNOOC Limited advanced almost 2% each after crude oil prices rose amid worries about Russia-Ukraine tensions.
Nevertheless, investors remained cautious as they looked ahead to the conclusion of the Federal Reserve’s highly anticipated monetary policy meeting later today. While the Fed is likely to leave interest rates unchanged, the accompanying statement could indicate the first rate hike as soon as March.
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What’s Moving: U.S.-listed Chinese tech companies traded mostly higher.
- Baidu Inc. (NASDAQ: BIDU) – up 1.9%
- JD.com Inc. (NASDAQ: JD) –up 1.4%
- Tencent Holdings Limited (OTC: TCEHY) – up 0.8%
- Alibaba Group Holding Limited (NYSE: BABA) – up 0.3%
- Li Auto Inc. (NASDAQ: LI) – down 3.3%
- Xpeng Inc. (NYSE: XPEV) – down 1.8%
Heavily indebted property developer China Evergrande Group (OTC: EGRNY) will hold its first investor call on Wednesday after it defaulted on some dollar bond payments last month, Reuters reported, citing sources.
Property developer Shimao Group Holdings has put 34 projects across China for sale as it seeks to reduce its massive debt through the sale of assets, as per a report by Caixin.
Shares of Chinese companies, including electric vehicle maker Nio Inc. (NYSE: NIO), closed mixed in U.S. trading on Tuesday even as the major averages in the U.S. ended lower.
It was reported that rating agency Fitch expects electric vehicles to remain a key growth driver in China’s car market and projects EV volumes to reach 20% of the total market share this year. Tesla Inc. (NASDAQ: TSLA) is the market leader among EV manufacturers in China.
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