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Shares of Alibaba Group Holding Limited (NYSE:BABA) rose in Hong Kong on Wednesday, while Baidu Inc. (NASDAQ:BIDU), JD.Com Inc. (NASDAQ:JD), Xpeng Inc. (NYSE:XPEV) and Li Auto Inc. (NASDAQ:LI) fell and Tencent Holdings Inc. (OTC:TCEHY) traded flat.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 3.5% higher at HKD 122.90 in Hong Kong, while peer JD.Com’s shares have lost 1.3% to HKD 300.60.
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Alibaba has registered a new company named Yuanjing Shengsheng in Beijing to test the gaming potential of the metaverse, it was reported on Tuesday, citing the South China Morning Post.
See Also: How To Buy Alibaba (BABA) Stock
Technology company Baidu’s shares have fallen 1.1% to HKD 138.70, while tech conglomerate Tencent’s shares traded flat at HKD 459.20.
Electric vehicle maker Xpeng’s shares have lost 1.4% to HKD 173.80 and peer Li Auto is down 0.7% to HKD 121.60.
Hong Kong’s benchmark Hang Seng Index opened higher on Wednesday and was up 0.2% at the time of writing. The index closed 1.3% lower on Tuesday, extending losses to a third straight session.
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Why Is It Moving? The Hang Seng Index traded slightly higher amid optimism China will further ease policies to support economic growth.
Economic data released on Wednesday painted a mixed picture of the Chinese economy. China’s industrial output for November rose 3.8% year-over-year and beat expectations for a 3.6% rise, according to a report by Reuters.
Meanwhile, retail sales in November increased 3.9% from a year earlier, but was below the 4.6% growth expected, underscoring the headwinds facing the world’s second-largest economy.
Nevertheless, investors remained cautious ahead of the U.S. Federal Reserve’s monetary policy announcement due later on Wednesday. The Fed is widely expected to accelerate its timetable for reducing bond purchases.
Hong Kong’s property tycoons - under pressure to help ease the financial hub’s housing crisis - are sacrificing profits to appease Beijing, Bloomberg reported. One of the developers in Hong Kong is said to be offering half-price flats in the city, while others have donated sprawling farmlands for public housing.
Shares of Chinese companies closed mostly lower in U.S. trading on Tuesday after the major averages in the U.S. extended losses amid concerns about the outlook for monetary policy.
Alibaba’s shares closed almost 3.6% higher, while Nio’s shares ended lower by 4.0%.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.