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Alibaba, Meituan, JD lead Hong Kong rally as markets cheer Wall Street bounce

Benzinga Real-time News ·  {{timeTz}}

Hong Kong's benchmark $Hang Seng Index(800000.HK)$ rose over 1.5% on Wednesday trading after a strong opening, driven by big tech stocks such as $BABA-SW(09988.HK)$ and $Meituan-W(03690.HK)$, following strong overnight cues from Wall Street.

Stock Movement
Alibaba

3.37%

Meituan 3.44%
Tencent Holdings 1.86%
Baidu 3.94%
NIO 1.43%
JD.com 2.82%
Li Auto -5.83%
XPeng -2.77%


Tech Strong: Shares of Alibaba were up over 4% at press time, while $TENCENT(00700.HK)$ rose 1.86%.

Shopping platform Meituan's shares also jumped nearly 3.5%.

Internet giant $BIDU-SW(09888.HK)$ gained more than 3%. The firm's video streaming service iQiyi will be licensing some of its content to Douyin, as TikTok is known in China, according to Nikkei Asia.

E-commerce player $JD.com, Inc.-SW(09618.HK)$ advanced 2.8%.

EVs Lose Charge: $Li Auto-W(02015.HK)$ led losses among major Chinese EV firms, sliding over 5%, as it faces scrutiny over quality issues after it was reported that its new L9 model broke its suspension during a test drive.

$Tesla(TSLA.US)$ rival $XPENG-W(09868.HK)$ shares traded 1.3% lower, while $NIO-SW(09866.HK)$ managed to buck the weakness that has recently been pervading Chinese EV makers.

Company News: $XPENG-W(09868.HK)$ has partnered with eHi Car Services, one of the largest car rental services in China, and will start operations this summer across seven cities, CnEVPost reported. XPeng has seen a 51.06% rise in deliveries in June compared with May and a 132.98% rise from a year earlier.

Global Markets: US stock futures firmed on Tueday after better-than-expected earnings from $Netflix(NFLX.US)$ and other firms. The $Dow Jones Industrial Average(.DJI.US)$ ended the day up 2.43%, while the $S&P 500 index(.SPX.US)$ finished 2.76% higher. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose 3.11%.

Elsewhere in Asia, Japan's Nikkei was 2.5% higher, South Korea's Kospi was up 0.88% and the Shanghai Composite rose 0.66%. Australia's ASX rose 1.8%.

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