Staff, 2022-09-26 09:42:47,
Asian equities were off with an emphasis on growth stocks except for Hong Kong, as internet stocks outperformed. Hong Kong finally saw some positive catalysts as investors cheered the incoming travel quarantine elimination, while Macau casino stocks outperformed as the gambling/tourist hub heads toward reopening.
Macau gaming stocks, Hong Kong property stocks, and insurance giant AIA are not considered Chinese companies due to their Hong Kong domicile, which places them in developed market indices rather than emerging market indices. Trip.com gained +5.32% on the news as the company reported massive outbound flights from Hong Kong to Asian tourist destinations.
After the close, it was reiterated that China’s electric vehicle (EV) sales tax waiver extension would continue through 2023. Xpeng HK (XPEV US, 9868 HK) jumped +8.74% as its CEO and founder bought 2.2 million shares for $30 million. Preliminary reports indicate that China’s September EV sales could rise more than 70% year over year. Li Auto HK (LI US, 2015 HK) gained +4.2%, though, after the close, the automaker cut its Q3 sales target on chip shortages.
The Hang Seng Tech gained +1.61% versus the Hang Seng Index’s loss of -0.44%, as Hong Kong’s most heavily traded stocks by value were Tencent, which gained +2.98%, Alibaba HK, which gained +0.38%, and Meituan, which gained +4.49% as JD.com HK gained +2.44%, making the E-Commerce giant the 11th most heavily traded…
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