Shares of U.S.-listed Chinese companies, which mostly surged in the previous session, were not trading on Monday in Hong Kong.
The Hang Seng bourse and other financial markets in mainland China are shut through Monday for International Workers’ Day, or Labour Day.
Friday Recap: Shares of Alibaba Group Holdings Ltd. BABA, JD.Com Inc. JD, Tencent Holdings TCEHY, Baidu Inc BIDU closed significantly higher in the Hong Kong markets on Friday. The tech stocks also ended higher in U.S. markets.
Chinese EV makers XPeng Inc. XPEV, Li Auto Inc LI ended on firmer levels in the U.S., although Nio Inc. NIO bucked that trend on reporting weak April deliveries amid the COVID-19 woes.
Asian Peers On Monday: While markets in Hong Kong and Mainland China were shut, stock exchanges in Australia and Japan were trading lower. Australia’s ASX shed 1.36%, Japan’s Nikkei 225 was down 0.53% at press time.
Company In News: Alibaba is widely expected to report earnings per share of $1.15 for the March quarter, down from $1.59 in the year-ago quarter.
The Chinese government is expected to end its regulatory crackdown on big tech firms.
Chinese EV startups Nio, Xpeng and Li Auto reported weak deliveries for April, in line with expectations.
Nio delivered 5,074 vehicles in April, representing a 49% decline from March’s 9,985 units. Guangzhou, China-based XPeng sold 9,002 EVs in April, a 41.6% month-over-month plunge. Li Auto’s deliveries came in at 4,167 units, down 24.8% year-over-year and a 62% plunge from the previous month.