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Alibaba Dips In Hong Kong While JD, Tencent And Nio Rival Xpeng Strike Gains Despite Evergrande Woes

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Alibaba Dips In Hong Kong While JD, Tencent And Nio Rival Xpeng Strike Gains Despite Evergrande Woes

Shares of JD.Com Inc. (NASDAQ: JD), Tencent Holdings Limited (OTC: TCEHY), Baidu Inc. (NASDAQ: BIDU) and Xpeng Inc.'s (NYSE: XPEV) are all advancing in Hong Kong on Friday, while Alibaba Group Holding Limited (NYSE: BABA) and Li Auto Inc. (NASDAQ: LI) are declining.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded more than 1% lower at HKD 146.90 ($18.88) in Hong Kong, while tech conglomerate Tencent Holdings’ shares are rising 0.5% to HKD 465.60 ($59.83) and e-commerce company JD.com’s shares are edging up 0.1% to HKD 296.80 ($38.14).

See Also: How To Buy Xpeng Motors (XPEV) Stock

Electric vehicle maker Li Auto’s shares are declining 1.2% to HKD 106.70 ($13.71), while peer Xpeng’s shares are rising 1.1% to HKD 146.00 ($18.76).

Technology company Baidu’s shares are higher by 0.3% to HKD 157.00 ($20.17).

China Evergrande Group’s (OTC: EGRNF) shares are down almost 4.9% to HKD 2.54 ($0.33) after the world's most indebted property developer missed the interest payment deadline on a dollar-denominated bond on Thursday.

Hong Kong’s benchmark Hang Seng Index is down 0.4% at the time of writing. The index closed almost 1.2% higher on Thursday.

Why Is It Moving? The Hang Seng Index is declining amid lingering worries about the China Evergrande debt crisis.

Financial regulators in Beijing have instructed China Evergrande to take all steps possible to avoid a near-term default on dollar bonds, according to a report by Bloomberg.

Meanwhile, the Wall Street Journal reported that Chinese authorities have asked local government agencies to prepare for a potential demise of the embattled property developer.

Shares of Chinese companies closed mixed in U.S. trading on Thursday even as the major averages in the U.S. closing higher for the second straight day.

Alibaba’s shares closed almost 0.5% lower, while electric vehicle maker Nio Inc.’s (NYSE: NIO) shares ended higher by almost 0.9%.

The Jack Ma-led company's Ant Group would be sharing credit data of its consumer lending business Huabei with China’s central bank, according to a report from Thursday, as part of a regulatory arrangement.

Read Next: Nio Said To Delay Unveiling Of ES8, Nio House In Norway By A Week

 

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