Stocks

China's central bank today cut its benchmark LPR rate for 5-year and above by 15 basis points to 4.45 percent.

At press time, NIO was down 5 percent in Hong Kong, ending a four-day winning streak. XPeng was down 5.24 percent and Li Auto was down 2.39 percent.

NIO has risen for a fourth straight day in Hong Kong, bringing its cumulative gain since May 13 to about 30 percent.

This is the third consecutive day of gains for NIO in Hong Kong, with cumulative advances of about 17 percent since last Friday.

China is ramping up its economic stimulus, and the Covid situation in Shanghai is showing a significant improvement.

As of press time, NIO was up 5.29 percent, XPeng was up 5.79 percent, Li Auto was up 9.88 percent and BYD was up 6.05 percent.

It's another sell-off unrelated to the fundamentals of these companies, as investors worry about the prospect of aggressive interest rate hikes by the Federal Reserve.

At press time, NIO was down 12.41 percent, XPeng was down 9.4 percent, Li Auto was down 3.61 percent and BYD was down 3.02 percent.

The move is based on the company's confidence in its future growth prospects and to further establish a sound long-term incentive mechanism, Gotion said.

The inclusion of Chinese companies on the list is a step by the US side to enforce relevant laws and does not mean they will be delisted, the Foreign Ministry said.