Hong Kong shares fell sharply on Monday, with the benchmark Hang Seng falling over 3% in morning trade as unrest in China was over Xi Jinpings COVID nil policies weighed on the market. shares of Alibaba and JD.com Shed nearly 6% in morning trade while EV peers were below no, Xpeng and Li car decreased by more than 5%.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | -5.48% |
| JD.com inc JD | -6.44% |
| Baidu Inc BIDU | -4.87% |
| Tencent Holdings GmbH. TCEHY | -2.71% |
| meituan MPNGF | -2.56% |
| Nio Inc NEVER | -5.49% |
| XPeng Inc XPEV | -5.08% |
| Li car inc LI | -5.91% |
Macro News: China’s industrial firms saw their overall profits fall further in the January-October period as COVID-19 outbreaks intensified and cities imposed new virus restrictions. reported Reuters. Industrial profits fell 3% year-on-year in the first 10 months of 2022, it said.
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After a fire incident in the Northwest Urumqi, protests against China’s tough “zero-COVID” policy have spread across Shanghai and Beijing. Protesters chanted: “Xi Jinping resign, the CCP resign” referring to the Chinese President and the ruling Communist Party.
company News: tick tock has enlisted the help of tech startups to boost its struggling e-commerce businesses as it seeks to diversify its revenue amid a slowdown in digital advertising, reported financial times.
NEVER, which has previously confirmed that it makes phones, has said its phone project is progressing well William Lithe company founder, reported CnEVPost.
Top winners and losers: JD.com and WuXi Biologics (Cayman) Inc. are the top losers among Hang Seng constituents, each down over 6%. On Monday there were no winners on the index.
Global News: US futures were trading lower in Asia on Monday morning. Dow Jones futures lost 0.49% while Nasdaq futures lost 0.91%. The S&P 500 futures were…
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