Alibaba, JD, Nio Rivals Xpeng, Li Auto Lead Seng Higher Amid Optimism Over Potential Biden-Xi Meeting
Actions of Alibaba Group Holding Limited (NYSE: BABA), JD.Com Inc. (NASDAQ: JD), Baidu Inc. (NASDAQ: BIDU), Tencent Holdings Inc. (OTC: TCEHY), Xpeng Inc. (NYSE: XPEV) and Li Auto Inc. (NASDAQ: LI) are all trading significantly higher in Hong Kong on Thursday.
What is moving: Shares of Chinese e-commerce giant Alibaba traded up 3.9% to HKD 142.70 in Hong Kong, while shares of e-commerce company JD.Com rose nearly 3.6 % to 283.00 HKD and those of technology company Baidu rose 3.2% to 147.90 HKD.
See also: How to Buy Xpeng Engine Stock (XPEV)
Meanwhile, shares of electric vehicle maker Xpeng rose nearly 4.3% to HKD 141.60 and its counterpart Li Auto rose 3.4% to HKD 107.00.
Shares of tech conglomerate Tencent Holdings traded up nearly 3% to HKD 459.60.
Actions of China Estate Holdings Ltd. jumped more than 30.3% to HKD 3.78 after Bloomberg reported that the family of the company’s largest shareholder, Joseph Lau Luen-hung, offered to privatize the company for HKD 1.91 billion ($ 245 million).
China Estates is a former majority shareholder of a heavily indebted real estate developer Evergrande Group in China (OTC: EGRNF).
The Hong Kong benchmark Hang Seng Index is up 2.5% Thursday at the time of writing. The index closed down nearly 0.6% on Wednesday.
Why is it moving? The Hang Seng Index is up, led by tech stocks, following positive overnight signals from Wall Street and optimism about the resumption of talks between the United States and China.
The american president Joe biden plans to meet the Chinese president virtually Xi Jinping before the end of this year, CNBC reported, citing sources.
Shares of Chinese companies closed largely higher in US trading on Wednesday after major US averages erased early losses to end in positive territory.
Shares of Alibaba closed up nearly 0.7%, while shares of Nio ended down 0.6%.
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