Shares of Chinese companies - Li Auto Inc. (NASDAQ:LI), Xpeng Inc. (NYSE:XPEV), JD.com Inc. (NASDAQ:JD) and Baidu Inc. (NASDAQ:BIDU) - are all trading higher in Hong Kong on Friday, while Alibaba Group Holding Limited (NYSE:BABA) is trading lower.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.3% lower at HKD 160.10 ($20.56) in Hong Kong, while electric vehicle maker Li Auto’s shares traded almost 0.3% higher at HKD 116.30 ($14.93) and Xpeng’s shares traded 2.6% higher at HKD 161.00 ($20.67).
In addition, e-commerce company JD.com’s shares were trading almost 2.3% higher at HKD 303.40 ($38.96) and technology company Baidu Inc.’s shares were up almost 2.8% higher at HKD 153.00 ($19.65).
Hong Kong’s benchmark Hang Seng Index is currently up 0.4%.
Why Is It Moving? The Hang Seng Index is lifted by a rebound in tech stocks ahead of earnings results from automaker BYD Co. Ltd. (OTC:BYDDF) today and Chinese e-commerce platform Meituan (OTC:MPNGY) on Monday
Investors remain cautious as they await Federal Reserve Chair Jerome Powel's remarks at the Fed's annual Jackson Hole Symposium later today for cues on the central bank’s tapering timeline.
Shares of Chinese companies - with the exception of JD.com – closed lower in U.S. trading on Thursday after all the three major U.S. indexes retreated from record highs. Alibaba closed almost 2.3% lower, while Nio Inc’s (NYSE:NIO) shares closed 1.8% lower.
However, upbeat quarterly results from JD.com, agriculture-focused technology platform Pinduoduo Inc. (NASDAQ:PDD) and fintech platform Jiayin Group (NASDAQ:JFIN) earlier this week have helped offset investors’ worries on the tech sector.