Alibaba, JD, Baidu And Nio Rivals Xpeng, Li Auto All Head Lower In Hong Kong Session

Shares of Chinese companies - Alibaba Group Holding Limited BABA, Li Auto Inc. LI, Xpeng Inc. XPEV, Inc. JD and Baidu Inc. BIDU - are all trading lower in Hong Kong on Thursday.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.8% lower at HKD 161.20 ($20.70) in Hong Kong, while electric vehicle maker Li Auto’s shares traded 0.8% lower at HKD 116.90 ($15.01) and Xpeng’s shares traded 2.3% lower at HKD 155.30 ($19.94).

In addition, e-commerce company’s shares were down 0.6% at HKD 292.20 ($37.52), while technology company Baidu’s shares were down 1.1% at HKD 148.30 ($19.04).

Hong Kong’s benchmark Hang Seng Index is currently down 1.4%, extending losses from the previous session after South Korea’s central bank raised interest rates, making it the first major economy in Asia to do so.

See Also: GameStop Continues To See Sky-High WallStreetBets Interest; AMC, BlackBerry, Alibaba, Palantir Are Other Top Trends

Why Is It Moving? Shares of Chinese companies - with the exception of Alibaba - closed flat-to-higher in U.S. trading on Wednesday as the benchmark S&P 500 and Nasdaq Composite indices closed at record highs. Alibaba closed 1.5% lower, while electric vehicle maker Nio Inc.'s NIO shares closed higher by less than 0.1%.

Upbeat quarterly results from companies such as and agriculture-focused technology platform Pinduoduo Inc. PDD earlier in the week have helped comfort investors amid worries about China’s domestic regulatory crackdown.

Jiayin Group’s JFIN shares closed more than 26% higher in U.S. trading on Wednesday after the fintech platform reported second-quarter revenues that beat analysts’ estimates.

Posted In: Chinese stocksHang Seng IndexHong KongNewsPenny Stocks