Shares 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 notably higher in Hong Kong on Thursday.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 3.9% higher at HKD 142.70 in Hong Kong, while e-commerce company JD.Com’s shares are up almost 3.6% to HKD 283.00 and technology company Baidu’s shares are up 3.2% to HKD 147.90.
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Meanwhile, electric vehicle maker Xpeng’s shares are up almost 4.3% to HKD 141.60 and peer Li Auto’s shares have risen 3.4% to HKD 107.00.
Tech conglomerate Tencent Holdings’ shares traded higher by almost 3% to HKD 459.60.
Shares of China Estate Holdings Ltd. have surged more than 30.3% to HKD 3.78 after Bloomberg reported that the family of the company’s biggest shareholder, Joseph Lau Luen-hung, has offered to take the company private for HKD 1.91 billion ($245 million).
China Estates is a former major shareholder of highly indebted property developer China Evergrande Group (OTC: EGRNF).
Hong Kong’s benchmark Hang Seng Index is up 2.5% on Thursday at the time of writing. The index closed almost 0.6% lower on Wednesday.
Why Is It Moving? The Hang Seng Index is rising, led by tech stocks, following the positive cues overnight from Wall Street and optimism about renewed talks between the U.S. and China.
U.S. President Joe Biden plans to meet virtually with Chinese President Xi Jinping before the end of this year, CNBC reported, citing sources.
Shares of Chinese companies closed mostly higher in U.S. trading on Wednesday after the major averages in the U.S. erased early losses to finish in positive territory.
Alibaba’s shares closed almost 0.7% higher, while Nio’s shares ended lower by 0.6%.
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