China ADRs trade lower ahead of Alibaba results

Chinese ADRs were mostly lower in premarket trade ahead of Alibaba’s results, and after a meeting between U.S. President Joe Biden and China President Xi Jinping didn’t result in new agreements on the economic front. Alibaba
BABA,
+3.82%,
Nio
NIO,
+4.75%,
XPeng
XPEV,
+2.29%
and Li Auto
LI,
+1.71%
each were trading about 3% lower, as the Hang Seng
HSI,
-1.36%
fell nearly 2%, in a session that also was colored by results from Tencent
700,
+0.68%.
Alibaba’s investor call is due to start at 7:30 a.m. Eastern.