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Alibaba, JD And Nio Rivals Xpeng, Li Auto Lead Hang Seng Higher, Evergrande Up 6% Even Amid Concerns Of Debt Crisis, China Power Crunch

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Alibaba, JD And Nio Rivals Xpeng, Li Auto Lead Hang Seng Higher, Evergrande Up 6% Even Amid Concerns Of Debt Crisis, China Power Crunch

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

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded almost 2.5% higher at HKD 145.40 in Hong Kong, while e-commerce company JD.com’s shares are advancing 1.9% to HKD 297.80 and tech conglomerate Tencent Holdings’ shares are rising 0.8% to HKD 468.20.

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

Electric vehicle maker Li Auto’s shares have risen 2.2% to HKD 105.10 and peer Xpeng’s shares have advanced almost 1.5% to HKD 140.20.

Meanwhile, technology company Baidu’s shares are down 1.5% to HKD 150.90.

China Evergrande Group’s (OTC: EGRNF) shares are up almost 5.9% at HKD 2.70 despite worries about the fate of the highly-indebted property developer.

Hong Kong’s benchmark Hang Seng Index is up 0.9% at the time of writing. The index erased nearly all its gains to close less than 0.1% higher on Monday.

Why Is It Moving? The Hang Seng Index is rising despite no indications of resolution to China Evergrande’s debt crisis.

China’s central bank, the People's Bank of China, said it will protect the legitimate rights of home buyers amid the liquidity crunch at Evergrande, according to a report by Reuters.

Concerns over the power crunch in China also remain with several suppliers of companies like Apple Inc. (NASDAQ: AAPL) and Tesla Inc. (NASDAQ: TSLA) needing to halt production ahead of the peak shopping season.

Shares of Chinese companies closed notably higher in U.S. trading on Monday even as the major averages in the U.S. ended on a mixed note following a jump in Treasury yields.

Alibaba’s shares closed 3.5% higher, while electric vehicle maker Nio Inc.’s (NYSE: NIO) shares ended higher by 3.9%.

Read Next: Elon Musk Showers More Praises On China, Says Tesla Will Continue To Invest In The Country

 

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