Alibaba, JD, Baidu Profit, Tencent Slips in Hong Kong

Shares of US-listed Chinese tech giants mostly traded higher in Hong Kong on Thursday as the benchmark index Hang Seng rose amid positive global signals.

While Alibaba Group Holding Ltd BABA, JD.Com JD and Baidu Inc BIDU traded in positive territory, Tencent Holdings TCEHY fell.

How Big Tech Stocks Fared in the Hong Kong Market on Thursday Stock Movement Inc 2.09% Baidu Inc 3.34% Tencent Holdings Ltd -0.24% Alibaba Group Holding Ltd 3.02%

The Macro Factors: The Hang Seng Index was up 1.29% at the time of writing.

Chinese technology stocks recovered in US markets on Wednesday after a sharp sell-off in the previous session.

Elsewhere, the Shanghai Composite Index gained more than 1%, while Japan’s Nikkei 225 rose 0.61%.

Investors’ risk appetite was boosted amid positive signals as COVID-19 cases saw a steep decline in mainland China, with Shanghai’s new infections dropping to a three-week low. The government also lifted a two-month lockdown in the northeastern city of Changchun.

Businesses in the news: Hangzhou, an e-commerce hub and home to tech giant Alibaba, begins massive testing for COVID-19 and calls on residents to be tested every 48 hours, according to Bloomberg.

Chile’s Association of Fruit Exporters (ASOEX) said it has “deepened” its partnership with, adding that it would export 84.6 million boxes of 8.2 kilograms (693,707 metric tons) of table grapes this season, it said. Freshplaza.

NetEase’s Cloud Music unit has sued Tencent Music Entertainment for unfair competition and app design plagiarism, according to a Reuters report.

Baidu has received permits to provide unmanned taxi services to the public on Beijing’s public roads.

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