HK Stock Market Move | New energy vehicle stocks opened generally higher, negotiations on electric vehicles between China and Europe made some progress, and consensus is expected to be reached on the price commitment framework.

New energy vehicle stocks generally opened high. As of the press release, NIO-SW (09866) rose by 2.29% to HKD 35.75, XPENG-W (09868) rose by 1.81% to HKD 50.5, LI AUTO-W (02015) rose by 1.66% to HKD 89, and LEAPMOTOR (09863) rose by 1.29% to HKD 31.45. On the news front, recently, according to "CCTV" sub-brand "Yuanyuan Tan Tian", the Sino-European technical team conducted five rounds of negotiations in Beijing from November 2nd to 7th, on the specific content of the EU's price commitment plan for anti-subsidy cases of electric vehicles in China. They have made certain progress. After the negotiations, both China and Europe mentioned in the press release that progress has been made. This detail indicates that there is a consensus between China and Europe on the consultation of "achieving progress". After negotiations, China and Europe have reached a "technical consensus", especially in the price commitment framework and agreement implementation mechanism. Previously, on October 29th local time, the European Commission announced that it had concluded the anti-subsidy investigation and decided to impose a final anti-subsidy tax on electric vehicles (BEVs) imported from China for a period of five years. The relevant decision is expected to be officially announced in the "Official Journal of the European Union" on the 30th, and the anti-subsidy tax will be formally implemented on the 31st. The Ministry of Commerce stated that China does not agree with or accept the ruling and has filed a lawsuit under the WTO dispute settlement mechanism. At the same time, China will continue to take measures to firmly defend the legitimate rights and interests of enterprises.