Skip to main content

Market Overview

Alibaba, Baidu And Nio Rivals Xpeng, Li Auto Dip In Hong Kong Even As Evergrande Recovers

Alibaba, Baidu And Nio Rivals Xpeng, Li Auto Dip In Hong Kong Even As Evergrande Recovers

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded almost 1% lower at HKD 142.90 ($18.36) in Hong Kong, while tech conglomerate Tencent Holdings’ shares have risen 1.8% to HKD 468.40 ($60.19) and e-commerce company’s shares have advanced 0.8% to HKD 294.60 ($37.86).

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

Electric vehicle maker Xpeng’s shares are down 2.5% to HKD 139.00 ($17.86) and peer Li Auto’s shares are down 1.8% to HKD 103.40 ($13.29).

Technology company Baidu’s shares have fallen 0.5% to HKD 154.00 ($19.79) after Reuters reported that China’s antitrust regulator is unlikely to approve the company’s $3.6 billion acquisition of JOYY Inc.’s (NASDAQ: YY) domestic live streaming business.

China Evergrande Group’s (OTC: EGRNF) shares are up almost 3.4% to HKD 2.44 ($0.31) despite lingering worries about the fate of the world's most indebted property developer.

Meanwhile, shares of the company’s electric car unit China Evergrande New Energy Vehicle Group continue to suffer losses and are currently down 15.7% to HKD 1.88, after plunging as much as 26% in early trades. The company warned about a shortage of funds and has abandoned plans to list in Shanghai, according to a report by Bloomberg.

Hong Kong’s benchmark Hang Seng Index recovered after a weak start and is up more than 1% at the time of writing. The index ended a two-day winning streak to close 1.3% lower on Friday.

Why Is It Moving? The Hang Seng Index is rising despite lingering worries about the China Evergrande debt crisis and the country's crackdown on the technology sector.

Shares of Chinese companies closed lower in U.S. trading on Friday after the major averages in the U.S. closed on opposite sides of the unchanged line in lackluster trading.

Alibaba’s shares closed 4.0% lower, while electric vehicle maker Nio Inc.’s NIO (NYSE: NIO) shares ended down almost 1.8%.


Related Articles (BABA)

View Comments and Join the Discussion!

Posted-In: big tech EV Stocks Evergrande Crisis Hang Seng Index Hong KongNews Penny Stocks Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at