Shares of the electric vehicle manufacturer no rose 18% on Tuesday morning in Hong Kong after upbeat analysts reacted positively covereven as domestic stocks opened on a mixed note.
The benchmark Hang Seng was up 0.03% in morning trade. shares of Alibaba rose over 1.7% while meituan, Li car and JD.com Stocks lost over 1%.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 1.78% |
| JD.com inc JD | -2.22% |
| Baidu Inc BIDU | -0.73% |
| Tencent Holdings GmbH. TCEHY | -0.46% |
| meituan MPNGF | -1.06% |
| Nio Inc NEVER | 18.38% |
| XPeng Inc XPEV | 0.79% |
| Li car inc LI | -1.54% |
Nio positive: Deutsche Bank analyst Edison Yu has named Nio its top pick among Chinese EV makers, while BofA Securities reiterated its “buy” rating and raised its price target on the healthy momentum of its offering.
Also read: Cathie Wood snaps up $1.6M in downed Nvidia stock – also adds stakes in this autonomous tech
macro news: Investors and traders are eagerly awaiting the US inflation data set to be released later in the day.
Chinese President Xi Jinping is set to To meet its Russian counterpart Wladimir Putin as he embarks on a three-day trip to Kazakhstan and Uzbekistan on Wednesday, his first international trip since the pandemic began.
Xi is also expected to defy the Communist Party’s retirement norms of a 68-year-old cap by receiving a landmark third term in power next month, he reported Bloomberg.
corporate news: A spate of pre-orders for the new iPhone 14 series smartphones in China has plummeted Apple Inc AAPL Online services and has delayed shipments five to seven weeks after the September 16 launch date for the Pro and Pro Max, the reported South China tomorrow post.
Top Winners and Losers: WuXi Biologics (Cayman) Inc. and Longfor Group Holdings Ltd are the top losers, down over 14% and 2.8% respectively. Lenovo Group Ltd and Galaxy Entertainment Group Ltd were the top winners and added…
