Shares of Alibaba Group Holding Limited BABA and Xpeng Inc. XPEV fell in Hong Kong on Monday, while JD.Com Inc. JD, Tencent Holdings Inc. TCEHY, and Baidu Inc. BIDU traded higher and Li Auto Inc. LI traded flat.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 0.9% lower at HKD 160.90 in Hong Kong, while e-commerce company JD.Com’s shares have gained 1.6% to HKD 335.00 and technology company Baidu’s shares have also risen 1.6% to HKD 167.50.
See Also: How To Buy Alibaba (BABA) Stock
Tech conglomerate Tencent's shares are up 1.7% to HKD 493.60.
Electric vehicle maker Xpeng’s shares have lost 2.1% to HKD 190.60, while peer Li Auto’s shares traded flat at HKD 120.80.
Hong Kong’s benchmark Hang Seng Index slipped into negative territory after opening higher on Monday and was down almost 0.4% at the time of writing. The index closed 0.3% higher on Friday, extending gains to a fourth straight session.
Why Is It Moving? The Hang Seng Index drifted lower despite the release of Chinese economic data that came in better than expectations. Property stocks fell on liquidity concerns.
Investors also remained cautious as they looked ahead to the virtual meeting between U.S. President Joe Biden and Chinese President Xi Jinping later in the day. The meeting is the first ever between the two leaders since Biden assumed office.
Data released Monday showed that China retail sales in October rose 4.9% year-over-year, while industrial output for the month grew 3.5% from a year ago despite the impact of widespread COVID-19 outbreaks and supply shortages.
Meanwhile, new home prices in China fell for the second straight month in October, edging down 0.25% from the previous month, MarketWatch reported.
Property developer Sunac China Holdings Limited raised about $953 million through the sale of new shares and the sale of a stake in its property management unit, Bloomberg reported. The fundraising raised concerns about potential debt defaults by China’s largest property firms.
Shares of Chinese companies closed mostly higher in U.S. trading on Friday after the major averages in the U.S. closed in positive territory.
Alibaba’s shares closed almost 0.6% lower, while Nio’s shares ended higher by 1.1%.
Read Next: Tesla To Offer Free Trial Of Enhanced Autopilot In China
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