Shares of major U.S.-listed Chinese companies traded higher in Hong Kong on Tuesday as investors cheered better-than-expected economic data from the Asian nation.
Chinese tech giants like $BABA-SW(09988.HK)$, $BIDU-SW(09888.HK)$, and $JD.com, Inc.-SW(09618.HK)$ gained over 3%.
In the electric vehicle segment, $NIO-SW(09866.HK)$ led the rally with 12.96% gains, whereas $XPENG-W(09868.HK)$ and $Li Auto-W(02015.HK)$ gained as much as 6%.
| Stocks | Movement (+/-) |
|---|---|
| Alibaba | 4.74% |
| Baidu | 4.55% |
| JD.com | 3.90% |
| Tencent | 0.90% |
| Nio | 12.96% |
| Xpeng | 6.23% |
| Li Auto | 5.19% |
Shares of these Chinese companies ended higher on Tuesday on U.S. bourses.
Global Markets Recap: At press time, the benchmark $Hang Seng Index(800000.HK)$ was 1.17% higher on mostly positive cues from global peers.
Macro Factors: The investor optimism came amid better-than-expected economic numbers from China. According to China's National Bureau of Statistics, industrial production rose 0.7% in May from a year ago, versus an expected 0.7% drop, according to a Reuters analysts poll.
The country's retail sales fell less than expected.
Company In News: Several Chinese firms such as Alibaba Group and JD.com traded higher ahead of the country's "618" holiday shopping event, which kicks off this weekend.
NIO will hold a product launch event on Wednesday. The company is expected to launch the ES7 – the first NIO SUV built on the NT 2.0 platform.
Xpeng Chairman and CEO He Xiaopeng in a Weibo post on Tuesday said charging efficiency for EVs would improve thanks to super-fast technology achieving scale in the near future.