AricLo
2022-01-14
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Continued Setbacks: Why Alibaba, Other Tech Stocks Are Slumping In Hong Kong Despite Upbeat China Data
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The index closed 0.1% higher on Thursday.</p><p><b>Why Is It Moving?</b> The Hang Seng Index fell after two days of gains following steep losses in tech stocks.</p><p>Alibaba’s affiliate Ant Group’s restructuring hit a roadblock after <b>China Cinda Asset Management</b> announced it has withdrawn from an agreement to buy a 20% stake in the consumer finance unit of Ant Group.</p><p><b>Jiangsu Yuyue Medical Equipment & Supply</b> also said it is scrapping its plan to invest in Ant’s consumer finance unit, the South China Morning Post reported.</p><p>Meanwhile, China’s trade surplus reached $94.5 billion in December and exceeded estimates as exports hit fresh records, as per a report by Bloomberg.</p><p><b>Tesla Inc.</b> and <b>Nio Inc.’s</b> China-based battery supplier <b>CATL</b> retained its dominance of the Chinese power battery market with a 52.1% market share last year, it was reported on Thursday, citing cnEV post.</p><p>Shares of Chinese companies closed notably lower in U.S. trading on Thursday after the major averages in the U.S. ended lower following a tech-driven selloff.</p><p>Alibaba’s shares closed 4.4% lower, while Nio’s shares ended lower by almost 53.8%.</p></body></html>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The index closed 0.1% higher on Thursday.Why Is It Moving? The Hang Seng Index fell after two days of gains following steep losses in tech stocks.Alibaba’s affiliate Ant Group’s restructuring hit a roadblock after China Cinda Asset Management announced it has withdrawn from an agreement to buy a 20% stake in the consumer finance unit of Ant Group.Jiangsu Yuyue Medical Equipment & Supply also said it is scrapping its plan to invest in Ant’s consumer finance unit, the South China Morning Post reported.Meanwhile, China’s trade surplus reached $94.5 billion in December and exceeded estimates as exports hit fresh records, as per a report by Bloomberg.Tesla Inc. and Nio Inc.’s China-based battery supplier CATL retained its dominance of the Chinese power battery market with a 52.1% market share last year, it was reported on Thursday, citing cnEV post.Shares of Chinese companies closed notably lower in U.S. trading on Thursday after the major averages in the U.S. ended lower following a tech-driven selloff.Alibaba’s shares closed 4.4% lower, while Nio’s shares ended lower by almost 53.8%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":688,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/694745325"}
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