Posted 4/2/2024, 2:09:30 PM
Asian Stocks Mixed as Hong Kong Rises on Xiaomi EV gains and Mainland China Slips Despite Heavy Stock Buybacks
- Asian equities were mixed as Hong Kong and Taiwan outperformed.
- Xiaomi gained +8.97% after its successful foray into electric vehicles (EVs).
- Mainland investors bought a net $472 million worth of Hong Kong-listed stocks and ETFs via Southbound Stock Connect.
- Alibaba filed that, during Q1 2024, the company spent $4.8 billion buying back 65 million ADRs, representing 2.6% of shares outstanding!
- Mainland China bounced around the room, as foreign selling weighed on morning trading as the market slipped and closed in negative territory.