was up 3.27 percent in Hong Kong, while was down 5.74 percent and was down 2.75 percent at press time.

BYD (HKG: 1211, SHE: 002594, OTCMKTS: BYDDY) hit a record high in Hong Kong in afternoon trading Tuesday, while NIO (NYSE: NIO, HKG: 9866, SGX: NIO), which touched an all-time high yesterday, retreated.

BYD was up 3.27 percent to HK$328.4 in Hong Kong at press time, a new all-time high. The previous all-time high for BYD shares was HK$324.471 on October 26 last year.

NIO was now down 5.74 percent to HK$182.4, after the stock reached a record high of HK$199.2 yesterday.

XPeng was down 2.75 percent to HK$134.2, while (NASDAQ: LI, HKG: 2015) was up 0.76 percent to HK$159.6.

Hong Kong were generally weak today, with the Hang Seng Index down 0.72 percent and the Hang Seng Tech Index down 1.35 percent.

There were no macroeconomic developments that could clearly influence stock market performance today.

In specific company news, a team of analysts from Haitong International released an 87-page research report on June 26 showing details of their disassembly of a BYD model. It was the first time local analysts had done so, generating widespread attention and media coverage.

On June 21, Citi adjusted its approach to valuing China's electric vehicle sector and revised its price targets for major EV companies.

The team previously valued the Chinese EV sector based on P/S (price-to-sales), but they believe a more reasonable approach should be based on PEG (price/earnings-to-growth), thus making revenue per share and expected growth rate more important.

Based on the new valuation methodology, Citi lowered their price target on NIO from $87 to $41.1 and raised their price target on XPeng from $36.7 to $51.59.

They also raised their price target on Li Auto to $58.60 from $26.80 and raised their price target on BYD trading in Hong Kong to HK$640 from HK$587.

Citi maintained its Buy ratings on all four companies.