File photo: Xinhua

Chinese mainland stock market opened slightly higher on Wednesday as the counting of votes for the US presidential election began. 

The Shanghai Composite Index rose 0.07 percent, and the Shenzhen Component Index gained 0.05 percent. The ChiNext stock market was up 0.12 percent as well. 

The valuation upon market opening has gotten a nudge from the US presidential election, with the result to become gradually clear on Wednesday. 

The Chinese mainland market was buoyed by the cheerful US stocks as Americans headed to the polls and the votes are counted, so it is reasonable for the Chinese mainland stock markets to see slight increases, Dong Dengxin, director of the Finance and Securities Institute at Wuhan University of Science and Technology, told the Global Times on Wednesday. 

On Tuesday, the blue-chip S&P 500 share index closed 1.8 percent higher and the NASDAQ Composite grew by 1.9 percent. 

"The US presidential election is the last gamble [for investors]. Once the result of election comes out, there will be a huge plunge in the US stock market, no matter who wins," Dong predicted. 

At the same time, tougher regulation on China's white-hot fintech business has brought shock to internet behemoth Alibaba. 

Share price of Alibaba in Hong Kong dived more than 9 percent upon opening on Wednesday morning after fintech giant Ant Group's blockbuster IPOs in Shanghai and Hong Kong were suspended on Tuesday. 

As a result, Hong Kong's Hang Seng opened down 0.6 percent on Wednesday. Shares of Tencent Holdings on Hong Kong stock market also dropped about 4 percent. 

According to media reports, Ant Group will return the 120 billion HKD ($15.48 billion) funds from institution investors. A total of 10 million shares that were traded over the counter will be voided.

In addition, fluctuations were seen in the forex market on Wednesday morning. The Chinese yuan's reference rate against the US greenback rose by nearly 250 basis points to 6.66 in early morning, but dived more than 600 basis points to 6.7303 later. 

Dong said the forex market may plunge as well based on the turbulences in the US stock market and US dollar amid the US presidential election, and it is possible for China's central bank to consider measures of hedging against any risks.

On Tuesday, a total of 120 billion yuan ($17.97 billion) of reverse repurchase contracts were carried out by China's central bank. 

The stock rally is also seen in Asian markets as Japan's Nikkei index rose about 1.65 percent as of 10:15 am on Wednesday and South Korea's Kospi index edged up more than 0.57 percent.