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Alibaba, Tencent, NetEase And Nio Rivals Xpeng, Li Auto Fall In Hong Kong On Renewed Regulatory Concerns

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Alibaba, Tencent, NetEase And Nio Rivals Xpeng, Li Auto Fall In Hong Kong On Renewed Regulatory Concerns

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 3.4% lower at HKD 165.10 ($21.23) in Hong Kong.

Technology conglomerate Tencent’s shares are down 4.1% to HKD 503.00 ($64.69) and NetEase’s shares are losing almost 6.4% to HKD 140.90 ($18.12).

E-commerce company JD’s shares are 3.6% lower at HKD 311.80 ($40.10), while technology company Baidu’s shares are losing more than 4% to HKD 156.90 ($20.18).

Electric vehicle maker Xpeng’s shares are down 6.5% to HKD 151.40 ($19.47) and peer Li Auto’s shares are down more than 3% to HKD 117.50 ($15.11).

See Also: How To Buy Nio (NIO) Stock

Hong Kong’s benchmark Hang Seng Index is down 1.1% at the time of writing, extending losses from the previous session.

Why Is It Moving? The Hang Seng Index is declining, weighed down by the weakness in gaming stocks amid worries about further restrictions on the industry.

It was reported that gaming firms including Tencent and NetEase were summoned by Chinese regulators on Wednesday to discuss limiting the gaming time for minors. These companies were also told to end their focus on profits.

Shares of Chinese companies closed lower in U.S. trading on Wednesday. The major U.S. averages ended in negative territory amid worries about slowing economic growth due to the rapid spread of the delta variant of the coronavirus.

Alibaba’s shares closed almost 2.5% lower, while electric vehicle maker Nio Inc. (NYSE: NIO) ended lower by more than 6%.

Read Next: Nio ES8 EVs To Be Used By Intel In Its Robotaxi Test In Germany

 

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