Hong Kong’s benchmark Hang Seng Index was down on Friday, down over 0.5% in the opening trade, despite an ongoing Wall Street rally. Alibaba shares fell nearly 4% after reports from the Chinese billionaire jack ma plans to relinquish control of ant group.

Macro News: Chinese President Xi Jinping said his US colleague Joe Biden in a phone call Thursday that his country remains strongly committed to resisting any outside interference in Taiwan before the US House Speaker Nancy Pelosis possible visit to the self-governing island, reported the South China tomorrow post.

The Hong Kong office of the government’s chief information officer has criticized a report by the Poland-based company 7Asecurity, That says it has uncovered at least 12 vulnerabilities in the city’s COVID-19 risk exposure app Leave Home Safe, the authorities said South China tomorrow post.

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A UN Human Rights Committee An expert has called on Hong Kong to scrap its Beijing-imposed national security law, calling it “incompatible” with an international pact to protect rights and freedoms, the reported Free Press Hong Kong.

corporate news: Jack Ma is plan to relinquish control from Ant Group Co., people familiar with the matter told The Wall Street Journal. The move is seen as part of an effort to move away from affiliate Alibaba Post an extended period of extraordinary pressure from Chinese regulators.

nio’s founder, William Lisaid the EV maker intends to develop just one phone a year, like apple inc AAPLreported CnEVPost.

BYD makes an SUV with the name