The Chinese government's expression of support for capital markets on Wednesday continued to give a boost to heavily sold Chinese assets.
After yesterday's big gains, electric vehicle stocks trading in Hong Kong extended their gains at the open today.
Nio (NYSE: NIO, HKG: 9866) opened up 10.81 percent, Xpeng Motors (NYSE: XPEV, HKG: 9868) rose 14.97 percent and Li Auto (NASDAQ: LI, HKG: 2015) rose 12.9 percent. These three companies closed up 29.11 percent, 32.38 percent and 34.59 percent respectively in Hong Kong yesterday.
The Chinese EV trio jumped in US trading overnight, with Nio up 25.59 percent, Xpeng up 29.55 percent and Li Auto up 31.9 percent.
This strong performance was due to Beijing's expression of support for capital markets yesterday, giving a boost to Chinese assets that have been heavily sold off.
Chinese Vice Premier Liu He chaired a meeting of the State Council Financial Stability and Development Committee yesterday to discuss the current economic situation and capital market issues.
The meeting stressed that regulators should assume their responsibilities, actively introduce market-friendly policies and cautiously introduce contractionary policies, according to a report by Xinhua yesterday.
Regarding Chinese companies listed in the US, Chinese and US regulators currently maintain good communication and have made positive progress and are working to form concrete cooperation programs, according to Xinhua.
Hong Kong's Hang Seng Index opened up 6.69 percent today, while the Hang Seng Tech Index rose 10.88 percent.
There was some notable news for the Chinese EV trio.
Nio topped the car quality ranking released by Autohome, China's largest automotive website, on March 15.
The number of failures per 100 new Nio vehicles was 49, the lowest of any car brand sold in China and well below the industry average of 135, the list showed.
Xpeng announced on March 15 that its flying car division, HT Aero, has shipped the X2 flying car to the Netherlands, marking its European debut.
Li Auto revealed the exterior of its new SUV, the L9, on March 16 and said the model will feature a flagship audio system and flagship seats.
