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Alibaba, JD, Tencent And Nio Rival Xpeng Strike Gains In Hong Kong, Shrugging Off Regulatory Concerns

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Alibaba, JD, Tencent And Nio Rival Xpeng Strike Gains In Hong Kong, Shrugging Off Regulatory Concerns

Shares of Alibaba Group Holding Limited (NYSE: BABA), Xpeng Inc. (NYSE: XPEV), JD.Com Inc. (NASDAQ: JD), Tencent Holdings Limited (OTC: TCEHY) and Baidu Inc. (NASDAQ: BIDU) are rising in Hong Kong on Friday, while Li Auto Inc. (NASDAQ: LI) is extending losses from the previous session.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.8% higher at HKD 154.20 ($19.81) in Hong Kong, while e-commerce company JD.com’s shares are rising 3.7% to HKD 304.80 ($39.17) and tech conglomerate Tencent Holdings’ shares are up 2.0% to HKD 460.20 ($59.14).

Electric vehicle maker Xpeng’s shares are higher by almost 1.6% to HKD 148.00 ($19.02), while Li Auto’s shares are declining 2.2% to HKD 111.30 ($14.30).

See Also: How To Buy Nio (NIO) Stock

Technology company Baidu’s shares are gaining almost 3.8% to HKD 161.30 ($20.73).

Meanwhile, China Evergrande Group’s (OTC: EGRNF) shares are losing almost 11.8% to HKD 2.32 ($0.30) amid worries about the troubled property developer’s debt pile of $300 billion.

Hong Kong’s benchmark Hang Seng Index recovered after a weak start on Friday and is up 0.4% at the time of writing. The index closed almost 1.5% lower on Thursday.

Why Is It Moving? The Hang Seng Index is rising after four straight days of losses as shares of some Macau casino operators rebounded after a sell-off in the previous session amid regulatory uncertainty.

Shares of Chinese companies closed mostly lower in U.S. trading on Thursday after the major averages in the U.S. ended mixed.

Alibaba’s shares closed 1.0% lower, while electric vehicle maker Nio Inc.’s (NYSE: NIO) shares ended 2.5% lower.

Read Next: Nio Is A 'Hard Pass,' Says Cramer. 'We're Not Fooling Around Anymore'

 

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