Shares of Alibaba Group Holding Limited BABA, JD.Com Inc. JD, Baidu Inc. BIDU, Tencent Holdings Limited TCEHY and Li Auto Inc. LI are declining in Hong Kong on Thursday, while Xpeng Inc. XPEV is advancing.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 3.8% lower at HKD 142.60 in Hong Kong, while tech conglomerate Tencent Holdings’ shares have declined 1.8% to HKD 456.60.
E-commerce company JD.com’s shares have lost 4.8% to HKD 279.60 and technology company Baidu’s shares are lower by 2.1% to HKD 148.20.
See Also: How To Buy Xpeng Motors (XPEV) Stock
Electric vehicle maker Li Auto’s shares have declined 2.5% to HKD 100.50, while peer Xpeng’s shares are adding almost 0.4% to HKD 136.50.
China Evergrande Group’s EGRNF shares are down 3.6% to HKD 2.96 after Reuters reported that at least some of the embattled property developer’s offshore bondholders didn't receive a due coupon payment on Wednesday.
It was also reported that Tencent’s WeChat has blocked some instant messaging groups used by Evergrande’s debtors to organize protests and discuss claims.
Hong Kong’s benchmark Hang Seng Index is down 0.8% at the time of writing. The index closed almost 0.7% higher on Wednesday, extending gains to a third straight day.
Why Is It Moving? The Hang Seng Index is declining amid lingering worries about the China Evergrande debt crisis and the power crisis facing the country.
In addition, official data released on Thursday showed China’s factory unexpectedly contracted in September.
Shares of Chinese companies closed mostly lower in U.S. trading on Wednesday after the major averages in the U.S. ended mixed. Alibaba’s shares closed almost 3.2% lower, while electric vehicle maker Nio Inc.’s NIO shares ended almost 0.2% higher.
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