Alibaba, JD, Tencent And Nio Rivals Xpeng, Li Auto Strike Gains As Hang Seng Index Extends Rally

Shares of Alibaba Group Holding Limited BABA, JD.com Inc. JD, Tencent Holdings Limited TCEHY, Baidu Inc. BIDU, Li Auto Inc. LI and Xpeng Inc. XPEV are all rising in Hong Kong on Wednesday.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.7% higher at HKD 171.10 ($22.00) in Hong Kong.

Technology conglomerate Tencent’s shares are up almost 1.8% to HKD 524.50 ($67.45) and e-commerce company JD.com’s shares are trading almost 0.7% higher at HKD 319.60 ($41.10). Technology company Baidu’s shares are up 0.4% at HKD 165.30 ($21.26).

Electric vehicle maker Xpeng’s shares have gained almost 3.6% to HKD 162.40 ($20.88) and peer Li Auto’s shares are trading 0.2% higher at HKD 121.20 ($15.59).

See Also: How To Buy Nio (NIO) Stock

Hong Kong’s benchmark Hang Seng Index is up 0.3% at the time of writing, extending gains for a third straight session.

Why Is It Moving? The Hang Seng Index is advancing after China’s trade data released on Tuesday showed that the country’s exports grew more than expected in August. In addition, the Chinese government reassured investors on supporting the private sector despite the regulatory crackdowns.

Shares of Chinese companies closed notably higher in U.S. trading on Tuesday even as the major U.S. averages ended mixed in a cautious session as investors continued to weigh an increase in COVID-19 deaths nationwide.

Alibaba’s shares closed almost 2.9% higher, while electric vehicle maker Nio Inc. NIO closed 0.5% higher.

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