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Alibaba, JD, Tencent, And Nio Rivals Xpeng, Li Auto All Head Lower In Hong Kong As Regulatory Woes Take Toll

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Alibaba, JD, Tencent, And Nio Rivals Xpeng, Li Auto All Head Lower In Hong Kong As Regulatory Woes Take Toll

Shares of Alibaba Group Holding Limited (NYSE: BABA), Baidu Inc. (NASDAQ: BIDU), JD.com Inc. (NASDAQ: JD), Tencent Holdings Limited (OTC: TCEHY), Li Auto Inc. (NASDAQ: LI) and Xpeng Inc. (NYSE: XPEV) are all trading lower in Hong Kong on Fridayr.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 3.4% lower at HKD 165.20 ($20.88) in Hong Kong. The Wall Street Journal reported that Alibaba has vowed to spend the equivalent of $15.5 billion by 2025 for the Chinese government’s “common prosperity” drive.

Technology company Baidu’s shares are down 2.8% to HKD 158.60 ($20.41), while e-commerce company JD.com’s shares are trading 1.2% lower at HKD 311.20 ($40.05) and technology conglomerate Tencent’s shares are down 1.9% to HKD 486.60 ($62.63).

Electric vehicle maker Xpeng’s shares are 1.4% lower at HKD 156.40 ($20.13), while peer Li Auto’s shares traded about 0.08% lower at HKD 119.00 ($15.32).

See Also: How To Buy Alibaba Stock

Hong Kong’s benchmark Hang Seng Index opened lower on Friday after four straight days of gains and is down 0.8% at the time of writing.

Why Is It Moving? The Hang Seng Index declined amid worries about Beijing’s intensified crackdown on the tech industry. Investors also turned cautious as they looked ahead to the release of the U.S. Labor Department’s closely watched monthly jobs report later in the day.

Shares of Chinese companies closed mixed in U.S. trading on Thursday even as the three major U.S. indexes closed higher.

Alibaba’s shares closed 0.7% lower, while Nio Inc.’s (NYSE: NIO) closed almost 3.3% higher even as the electric vehicle maker’s August delivery numbers grossly underperformed those of Xpeng and Li Auto.

Read Next: Cathie Wood Continues Alibaba Selling With Just 40 Shares Left In Portfolio, Loads Up Heavily On These Chinese Rivals

 

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