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

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

Shares of Chinese companies - Alibaba Group Holding Limited (NYSE: BABA), Li Auto Inc. (NASDAQ: LI), Xpeng Inc. (NYSE: XPEV), Inc. (NASDAQ: JD) and Baidu Inc. (NASDAQ: 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 (NYSE: NIO) shares closed higher by less than 0.1%.

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

Jiayin Group’s (NASDAQ: 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.


Related Articles (BABA + LI)

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