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Alibaba, JD, Tencent and Nio Rival Xpeng Slide in Mixed Hong Kong Market — Li Auto Strikes Gains

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Alibaba, JD, Tencent and Nio Rival Xpeng Slide in Mixed Hong Kong Market — Li Auto Strikes Gains

Shares of Alibaba Group Holding Limited (NYSE: BABA), Xpeng Inc. (NYSEXPEV), JD.Com Inc. (NASDAQ: JD) and Tencent Holdings Limited (OTC: TCEHY) are trading lower in Hong Kong on Wednesday, while Li Auto Inc. (NASDAQLI) and Baidu Inc. (NASDAQ: BIDU) are advancing.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.8% lower at HKD 155.50 ($20.00) in Hong Kong, while e-commerce company JD.com’s shares are losing 3.6% to HKD 302.20 ($38.86) and tech conglomerate Tencent Holdings’ shares are down 2.6% to HKD 460.60 ($59.23).

Electric vehicle maker Li Auto’s shares are rising 1.6% to HKD 116.30 ($14.96), while peer Xpeng’s shares are 0.4% lower at HKD 149.00 ($19.16). Technology company Baidu’s shares are up almost 0.5% to HKD 156.70 ($20.15).

See Also: How To Buy Nio (NIO) Stock

Hong Kong’s benchmark Hang Seng Index is down almost 0.6% at the time of writing. The index closed 1.2% lower on Tuesday.

Why Is It Moving? The Hang Seng Index is extending losses to a third straight day on Wednesday after data showed China’s retail sales, industrial production, and fixed-asset investment for August all trailed analysts’ estimates.

Worries about China’s continued crackdown on the tech sector and new rules proposed for Macau casino operators also weighed on the market.

Shares of Chinese companies closed mostly lower in U.S. trading on Tuesday after the major averages in the U.S. ended in negative territory.

Alibaba’s shares closed almost 3.2% lower, while electric vehicle maker Nio Inc.’s (NYSE: NIO) shares ended down 1.3%.

Read Next: Alibaba Leads Chinese Self-Driving Tech Startup DeepRoute.ai's $300M Funding Round

 

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