Chinese tech stocks rally as global markets see positive cues

Shares of U.S. listed Chinese companies rallied in Hong Kong on Friday morning, with major tech names like Baidu Inc BIDU, JD, Tencent Holdings TCEHY, and Alibaba Group Holding BABA, JD.com Inc JD, Tencent Holdings TCEHY, and Alibaba Group Holding BABA, as well as 5% of the market value.

Nio Inc NIO, Li Auto LI, and Xpeng Inc XPEV rose by as much as 8% among electric vehicle stocks.

Global Markets Recap: At press time, the benchmark Hang Seng Index rallied nearly 3% after positive cues from global markets.

The Nasdaq Composite Index gained as much as 2.68% at the end of the trade, while the U.S. indices went up overnight.

Australia's ASX 200 was trading 0.85% higher, Japan's Nikkei 225 and Shanghai's SSE Composite Index were up 0.63% and 0.42%, respectively.

Macro Factors: According to Chinese state media, the country's premier, Li Keqiang, held a rare nationwide meeting via teleconference to bolster the Covid battered economy. More than 100,000 government officials attended the meeting.

Revenue rose 9% to $32.19 billion, beating analysts' average estimate of $29.94 billion, according to Company In News.

Revenue growth was 1% to $4.48 billion, beating the consensus of $4.18 billion, as Baidu reported better than expected quarterly results.

Xpeng's CEO used a Psyduck Pokemon to express his frustration over the chip shortages, as a result of the Psyduck Pokemon toy.