Hong Kong shares opened lower on Thursday, with benchmark Hang Seng shedding 2% to hit a 13-year low as investors and traders continued to worry about China’s lagging economic indicators an increase in COVID-19 cases. Alibaba, Tencent and Meituan shares fell over 4% in opening trade, while Nio and Baidu fell over 7%.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | -4.95% |
| JD.com inc JD | -4.99% |
| Baidu Inc BIDU | -8.79% |
| Tencent Holdings GmbH. TCEHY | -4.18% |
| meituan MPNGF | -4.71% |
| Nio Inc NEVER | -7.56% |
| XPeng Inc XPEV | -4.08% |
| Li car inc LI | -2.01% |
Macro News: Chinese President Xi Jinpingdeclared in his report to the 20th Congress of the Communist Party that the country will keep the distribution of income and the means of wealth accumulation well regulated, according to to the South China Morning Post.
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leader of Hong Kong John lee has pledged the creation of two high-level bodies to attract foreign talent and companies to combat the brain drain caused by the emigration wave, reported the South China Morning Post.
Company news: Tencent increased its buyback spending to about HK$600 million ($76 million) a day last week, reported financial times.
Nio Co-Founder and President Qin Lihong said the company is considering offering a purchase option in Europe, reported CnEVPost.
Top winners and losers: WuXi Biologics (Cayman) Inc. and Li Ning Company Limited were the biggest losers among Hang Seng members, each down over 7%. Hengan International Group Company Limited was the only winner, up over 1.7%.
Global News: US futures were trading lower in Asia on Thursday morning. Dow Jones futures lost 0.17% while Nasdaq futures lost 0.99%. S&P 500 futures fell 0.53%.
Elsewhere in Asia-Pacific, the Australian ASX 200 was down 1.14%. Japan’s Nikkei 225 lost 1%, while China’s Shanghai Composite Index lost 0.40%. South Korea’s Kospi fell…
