Latest Stock Market News

Alibaba (NYSE:BABA), (NASDAQ:JD) – Why Alibaba And Other Tech Stocks Are Rising In

Shares of U.S.-listed Chinese tech companies traded mostly higher in Hong Kong on Tuesday, leading the benchmark Hang Seng Index higher.

What’s Moving: Shares of Alibaba Group Holding Limited (NYSE: BABA), Baidu Inc. (NASDAQ: BIDU), JD.Com Inc. (NASDAQ: JD), Li Auto Inc. (NASDAQ: LI) and Xpeng Inc. (NYSE: XPEV) advanced in a range of 1% to 2%, while Tencent Holdings Inc. (OTC: TCEHY) traded 0.5% lower.

The benchmark Hang Seng Index opened higher on Tuesday and was up almost 0.6% at the time of writing. The index closed almost 0.7% lower on Monday.

Chinese artificial intelligence chip start-up Axera has raised $126 million from food delivery giant Meituan and other investors in a new funding round, as per a report by CNBC.

See Also: How To Buy Alibaba (BABA) Stock

Why Is It Moving? The Hang Seng Index rose after two days of losses amid hopes for more policy easing measures by Beijing after data released on Monday showed that China’s economic growth slowed in the fourth quarter last year.

China’s GDP grew 4.0% in the fourth quarter, slowing from 4.9% in the preceding quarter, Reuters reported, citing data from the National Bureau of Statistics.

Meanwhile, troubled cruise operator Genting Hong Kong Ltd. said it may file for provisional liquidation if it does not receive “credible proposals” for a solvent restructuring solution after its German shipbuilding subsidiary filed for insolvency in Germany last week. Trading in the company’s shares has been suspended in Hong Kong.

Shares of Chinese companies closed higher in U.S. trading on Friday even as the major averages in the U.S. ended mixed. The U.S. markets were closed on Monday for a public holiday.

Alibaba’s shares closed almost 0.2% higher, while Nio’s shares ended higher by 1.5%.

Tesla Inc.’s (NASDAQ: TSLA) deliveries out of its Giga Shanghai factory totaled 484,130 vehicles in 2021, of which 321,000 vehicles were sold in China, it was reported on Monday, citing CnEVPost.

Read Next: Tesla Demands Law Firm To Fire Attorney Who Questioned Elon Musk: Wall Street Journal

© 2022 Benzinga does not provide investment advice. All rights reserved.

Read More: Alibaba (NYSE:BABA), (NASDAQ:JD) – Why Alibaba And Other Tech Stocks Are Rising In

You might also like