Alibaba falls 4% and electric car shares soar

Alibaba falls 4% and electric car shares soar

Hong Kong’s Hang Seng Index opened in negative territory on Monday, retreating 0.88% ahead of the release of Caixin/Markit China Manufacturing Purchasing Managers’ Index data for July.

Alibaba shares are down more than 4% in pre-market, after the US Securities and Exchange Commission (SEC) added the company to the list of Chinese companies that could be excluded, according to a Reuters report . The company will release its earnings report later this week.

Action Movement
Alibaba Group Holding Ltd. (NYSE:BABA) -4,19%
JD.com Inc (NASDAQ:JD) -0,77%
Baidu Inc (NASDAQ:BIDU) 0,23%
Tencent Holdings Ltd. (OTC:TCEHY) -1,76%
Meituan (OTC:MPNGF) -0,4%
Nio Inc (NYSE:NIO) 2,34%
XPeng Inc (NYSE:XPEV) 3,37%
Li Auto Inc (NASDAQ:LI) 2,14%

US-listed Chinese stocks had little to celebrate in July, as Alibaba shares plunged more than 17% last month, Nio fell more than 7% and XPeng fell more than 24%. The Hang Seng Index fell more than 7% in July.

China’s cyber watchdog, the Cyber ​​Security Administration of China (CAC), has made significant results in regulating platforms during the first half of the year, the South China Morning Post reported . The CAC continued to step up online law enforcement and summoned more than 3,400 platforms during the first half of 2022 for violating laws and regulations.

The official Purchasing Managers’ Index (PMI) for China’s manufacturing sector fell from 50.2 points in June to 49 points in July, according to data released by the National Bureau of Statistics , the South China Morning reported. Post . A figure below the 50-point mark indicates a contraction.

China conducted naval exercises near Taiwan just hours before US House Speaker Nancy Pelosi ‘s visit to the region, the report said.Financial Times.

Company News

Nio has announced that it will put new stations into operation in three highway service areas in China’s eastern province. Its network of interchange stations now covers all highways in Anhui, according toel CnEVPost.

BYD will order multiple pure car/truck carriers (PCTCs) to meet the company’s future auto export transportation needs, according to information released by theCnEVPost citing the maritime information service platform Xinde Marine News.

Last month, China’s Hangzhou market regulator convened Meituan (OTC:MPNGF), Ele.me , and other food delivery platforms to discuss “ruthless price cuts” and poor regulation, according to the report.South China Morning Post.

Global markets

US stocks rose on Friday, buoyed by tech gains, as investor fears over inflationary pressures and the recession eased. The Nasdaq rose 4.67% for the week, while the S&P 500 gained 4.15%. The Dow Jones industrial average advanced 2.8% last week.

Elsewhere in Asia, Australia’s ASX 200 traded 0.34% higher on Monday. Japan’s Nikkei 225 rose 0.37%, while South Korea’s Kospi fell 0.3%. China’s Shanghai Composite fell 0.39%.

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