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Hong Kong shares opened in the green on Friday with the benchmark Hang Seng gaining 0.9% in morning trade taking cues from Wall Street which witnessed the much-awaited rebound the day before. Shares of Alibaba and JD.com rose close to 1% while Baidu shares gained close to 2%. Meituan stock shed about 3% in morning trade.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. (NYSE:BABA) | 1.05% |
| JD.com Inc (NASDAQ:JD) | 1.1% |
| Baidu Inc (NASDAQ:BIDU) | 2.09% |
| Tencent Holdings Ltd. (OTC:TCEHY) | 0.6% |
| Meituan (OTC:MPNGF) | -3.37% |
| Nio Inc (NYSE:NIO) | -0.06% |
| XPeng Inc (NYSE:XPEV) | 1.73% |
| Li Auto Inc (NASDAQ:LI) | 2.48% |
Macro News: China's video game regulator has issued publishing licenses to 44 foreign games for domestic release, further lifting rigid restrictions that have hammered the industry for 18 months, reported Reuters.
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China has vowed to increase its fiscal spending next year while optimizing policy tools including fiscal deficit and special debt, reported Bloomberg.
Company News: Li Auto expects to hit a new milestone in December deliveries with the company's vice president of sales, Liu Jie saying it will deliver more than 20,000 units in the month, reported CnEVPost.
Warren Buffett-backed BYD Co. (OTC:BYDDF) (OTC:BYDDY) has hiked the pricing for its popular Dolphin model while scrapping an entry-level version of the vehicle, reported Bloomberg.
Top Gainers and Losers: Meituan and Alibaba Health Information Technology Limited are the top losers among Hang Seng constituents, having shed over 3% and 2.5% in morning trade. China Life Insurance Company Limited and Hang Lung Properties Limited are the top gainers, having risen over 2% and 1.8%, respectively.
Global News: U.S. futures traded in the red on Friday morning Asia session. The Dow Jones futures lost 0.06% while the Nasdaq futures fell 0.09%. The S&P 500 futures were trading lower by 0.12%.
Elsewhere in Asia Pacific, Australia’s ASX 200 was trading higher by 0.46%. Japan’s Nikkei 225 traded 0.28% higher while China’s Shanghai Composite index rose 0.56%. South Korea’s Kospi lost 1.93%.
