Hong Kong shares opened lower on Tuesday morning, with benchmark Hang Seng down 0.93% in morning trade as mounting recession fears are overshadowed Hopes for a “Santa Claus” rally, generally seen at the end of the year. EV colleagues joined in no and Xpeng Dropping over 5% in morning trade. Alibaba and Tencent Stocks lost almost 2%.

Macro News: State Department speaker Ned price said Monday the United States hopes China can address the current outbreak of COVID-19 as the toll is a global concern due to the size of China’s economy, Reuters reported.

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Securities regulators in mainland China and Hong Kong have agreed to expand the scope of stocks eligible for inclusion in the city’s trading links with Shanghai and Shenzhen. reported Bloomberg.

Company news: Tencent Holdings has acquired a 20 percent stake in a South Korean video game studio SHIFT UP, reported the South China Morning Post, citing a local media report.

The waiting time for NIO’s ES7 model has been reduced to 2-3 weeks compared to the previous 4-6 weeks. reported CnEVPost.

Top winners and losers: Longfor Group Holdings Limited and Country Garden Services Holdings Company Limited are the top losers among Hang Seng constituents, each down over 5%. WuXi Biologics (Cayman) Inc. and Techtronic Industries Company Limited are the only two gainers in the index, up 0.6% and 0.28% respectively.

Global News: US futures were trading in the green in Asia on Monday morning. Dow Jones futures added 0.12%, while Nasdaq futures added 0.18%. S&P 500 futures traded 0.14% higher.